Catalent, a provider of product development services for pharmaceutical, biotech and consumer health companies, announced that its wholly owned subsidiary, Catalent Pharma Solutions, as borrower, and certain other wholly-owned subsidiaries of Catalent, entered into an amendment, dated as of Dec.19, 2023, to its existing credit agreement for the issuance of new incremental term loans in an aggregate amount of $600 million, which was upsized due to “very strong lender demand.” Catalent used proceeds of the financing to repay a portion of the outstanding borrowings under its revolving credit facility and to pay related fees and expenses.
According to an 8K filed with the SEC, JPMorgan Chase is the administrative agent, collateral agent, swing line lender and letter of credit issuer for the credit agreement.
“We are pleased to announce the successful outcome of our term loan transaction, which effectively terms-out a significant portion of our outstanding balance under the revolving credit facility,” Matti Masanovich, CFO of Catalent, said. “This action brings our total liquidity to approximately $1.3 billion and exemplifies our commitment and prioritization to a prudent financial policy, specifically the strengthening of our capital structure and liquidity position.”
