Catalent Credit Agreement
Catalent, a leading global provider of advanced delivery technologies and development solutions for drugs, biologics, and consumer health products, recently announced the signing of a new credit agreement.
The agreement provides Catalent with a $1.2 billion senior secured credit facility, consisting of a $900 million term loan and a $300 million revolving credit facility. The facility has a five-year maturity and replaces Catalent`s previous credit agreement, which was scheduled to mature in December 2021.
The new credit agreement provides Catalent with increased financial flexibility and liquidity, which will allow the company to continue its growth strategy and pursue strategic acquisitions. The terms of the agreement also reflect Catalent`s strong financial position and credit metrics, including its solid liquidity position and a leverage ratio below 3.5x.
Catalent`s CEO, John Chiminski, stated that the new credit agreement demonstrates the company`s commitment to maintaining a strong financial position and pursuing growth opportunities. He also emphasized the importance of having a strategic and supportive group of lenders to help Catalent achieve its long-term goals.
The credit agreement was arranged by JPMorgan Chase Bank, N.A., and Bank of America, N.A., as joint lead arrangers and joint bookrunners. The syndicate of lenders also includes Wells Fargo Bank, National Association, Barclays Bank PLC, and Morgan Stanley Senior Funding, Inc.
In conclusion, the new credit agreement provides Catalent with increased financial flexibility and liquidity, which will allow the company to pursue its growth strategy and pursue strategic acquisitions. With the support of a strong group of lenders, Catalent is well-positioned to continue its leadership in the pharmaceutical industry.