Davis Polk advised Warner Chilcott plc on the refinancing of its existing credit facility with a new $3.25 billion credit facility, comprised of $3 billion senior-secured term loan A and B facilities and a $250 million revolving facility. In connection with the refinancing, Warner Chilcott obtained improved pricing, including reductions in interest rate margin and the LIBOR floor, extended maturities, and made certain other changes. As under the prior credit facility, the loans and other obligations under the credit facility are guaranteed and secured by the majority of Warner Chilcott’s subsidiaries located across North America and Europe.

Warner Chilcott is a leading specialty pharmaceutical company currently focused on the women’s health-care, gastroenterology, dermatology and urology segments of the North American and Western European pharmaceutical markets. The company is a fully integrated company with internal resources dedicated to the development, manufacturing and promotion of its products.

The Davis Polk financing team included partner Jason Kyrwood and associates Shakhi Majumdar, Angela W. Cho, Gina Y. Pak (not yet admitted) and Ashley M. Bryant (not yet admitted). The corporate team included associate Blake A. Smith. Partner Michael Mollerus and associate Craig A. Phillips provided tax advice. The intellectual property team included associates David R. Bauer and Daniel J. Ray (not yet admitted). Counsel Susan D. Kennedy and associate John Naughton provided real estate advice. Associate Catherine L. Martin provided ’40 Act advice. Counsel Betty Moy Huber provided environmental advice. Associate Ann Becchina provided benefits advice. Mackenzie Boyd, Mariee Pilkington and Kathleen T. Ray were the primary legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.