December 5, 2017 / 3:15 PM / a year ago

LPC-Indivior launches US$485m-equiv loan refi

LONDON, Dec 5 (Reuters) - Pharmaceuticals company Indivior has launched a US$485m-equivalent loan to refinance existing debt, banking sources said.

Morgan Stanley and JP Morgan are leading the leveraged loan, which comprises a US$394.9m senior secured term loan B and a €76.3m senior secured term loan B, the sources said.

A call is set to take place with lenders on December 6, when more details such as pricing are expected to emerge, the sources said.

Indivior raised an US$800m-equiavlent loan in 2015 that comprised a US$644m TLB and a €100m TLB. Both mature in December 2019 and pay 600bp over Libor/Euribor with a 1% floor, according to Thomson Reuters LPC data.

Indivior has since paid down a significant amount of that debt and the new loans are expected to take advantage of the deep liquidity in both the US and Europe’s leveraged loan market to price cheaper, the sources said.

Indivior’s experimental drug to help fight America’s growing opioid addiction crisis was approved by the US Food and Drug Administration on November 30, boosting its sales prospects as competitors threaten revenues from an older product.

Shares in the London-listed company, which specialises in addiction treatment, were up 10.9% at 411 pence at 0818 GMT on December 1, following the news and the stock was the top gainer on the FTSE Midcap index.

Headquartered in Richmond, Virginia, the business demerged from UK-based consumer goods group Reckitt Benckiser in 2014 and listed as Indivior on the London Stock Exchange. (Editing by Christopher Mangham)

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