Patheon has entered into a definitive agreement with VION to acquire Banner Pharmacaps and has also announced re-financing for $650 million to fund the acquisition.
In connection with the funding of the acquisition, Patheon has obtained committed financing, which it expects to use on or after the closing date to finance the purchase of Banner, repurchase its existing senior secured notes and repay any borrowings outstanding under its existing revolving credit facility, pay fees and expenses associated with the transactions, and for general corporate purposes.
Patheon has received commitments from Morgan Stanley, UBS, Credit Suisse and KeyBank to provide, in the aggregate, U.S. $650 million senior secured facilities, comprised of a U.S. $565 million term loan facility and a U.S. $85 million revolving facility, on the terms, and subject to customary conditions, including the closing of the acquisition, set forth in a debt commitment letter .
It is anticipated that the U.S. $85 million revolving facility will not be significantly drawn upon at the time of the closing of the acq
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