Concordia International Corp. Executes Support Agreement and Obtains Interim Order in Connection with its Recapitalization Transaction, and Announces Leadership Transition

Wednesday, May 2, 2018 Corporate News
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Principal

Up to $300 million

Currency

USD

Security

First priority lien on substantially all of the assets of Concordia, pari passu with the New Senior Secured Term Loans, and subject to the security granted in respect of the New Secured Revolver

Interest Rate

8%

Call Protection

Non-callable until second anniversary of the Effective Date; callable two years after the Effective Date at 102; after three years at 101; after four years at 100 (with customary make-whole payments during first two years after Effective Date)

Maturity

6 years from the Effective Date

New Secured Revolver

The New Senior Secured Term Loans shall allow for a new secured first out revolver, ranking senior in priority to the New Senior Secured Term Loans, of up to the greater of (i) $150 million or (ii) 50% of LTM EBITDA (pro forma for any acquisitions), with a total outstanding principal amount not to exceed $250 million, which New Secured Revolver shall have the benefit of substantially the same guarantees and security as the New Secured Debt. 

The New Senior Secured Term Loan shall prohibit the use of the proceeds of the New Secured Revolver to fund acquisitions.

Other Terms and Conditions

Such other terms and conditions as set out in Schedule D-2 to the term sheet appended to the Support Agreement and/or such other terms and conditions as may be agreed to by Concordia, the Majority Initial Consenting Secured Debtholders and the Majority Private Placement Parties

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