Actavis Prices Offering Of $21 Bln Of Senior Unsecured Notes

(RTTNews) - Actavis plc (ACT) announced that it has priced an offering of $21 billion aggregate principal amount of senior unsecured notes in 10 tranches in a registered public offering to be issued by its indirect wholly-owned subsidiary, Actavis Funding SCS, and guaranteed by certain of its other subsidiaries.

The net proceeds from the offering of the Notes will be approximately $20.8 billion, after estimated underwriting discounts, commissions and offering expenses payable by Actavis Funding SCS.

Actavis noted that it intends to use the net proceeds from the offering of the Notes, together with the proceeds from its offerings of its Ordinary Shares and 5.500% Mandatory Convertible Preferred Shares, Series A, and additional debt financing, including borrowings under unsecured term loan facilities and an unsecured cash bridge loan facility, to finance a portion of the cash portion of the merger consideration for its previously announced acquisition of Allergan, Inc. and to pay related fees and expenses.

The Equity Offerings both priced on February 24, 2015 and closed on March 2, 2015. In the event that Actavis plc does not consummate the Allergan Acquisition, Actavis plc expects to use the net proceeds from the offering of the Notes, together with cash on hand, to redeem the Notes.

The offering of the Notes is not conditioned on the consummation of the Allergan Acquisition.