Davis Polk advised Warner Chilcott plc on its $1 billion leveraged recapitalization. Under this recapitalization, subsidiaries of Warner Chilcott borrowed $600 million of term loans under an amendment to its secured credit facility. Proceeds of the financings together with cash on hand will be used to fund a special one-time cash dividend of $4.00 per share, or approximately $1 billion in the aggregate.
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 credit team included partner Jason Kyrwood, associates Shakhi Majumdar and Jonathan B. Brown, law clerk Mhairi Collins Immerman and former associate Angela W. Cho. The Davis Polk corporate team included partner Michael Kaplan and associates Sophia Hudson, Melissa Glass and Denise Yablonovich. Karen S. Cottrell and Mariee Pilkington were the legal assistants for the transaction. All members of the Davis Polk team are based in the New York office.
