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Indebtedness (Notes)
3 Months Ended
Sep. 28, 2013
Indebtedness [Abstract]  
Debt Disclosure [Text Block]
INDEBTEDNESS

On July 28, 2013, PCL entered into a Debt Bridge Credit Agreement and a Cash Bridge Credit Agreement (together, “Bridge Credit Agreements”) with Barclays Bank plc, as Administrative Agent, HSBC Bank USA as Syndication Agent and certain other participating banks. The Bridge Credit Agreements provide senior unsecured financing in aggregate principal amounts up to $2.65 billion under the Debt Bridge Credit Agreement (such commitment having been reduced to $1.65 billion upon completion of the Term Loan Credit Agreement on September 6, 2013, as described below) and up to $1.7 billion under the Cash Bridge Credit Agreement, in each case to finance in part the cash component of the Elan Acquisition consideration, the repayment of certain existing indebtedness of Perrigo and payment of certain transaction expenses in connection with the Elan Acquisition. Perrigo and certain domestic subsidiaries of Perrigo will accede to the Bridge Credit Agreements as guarantors simultaneously with the consummation of the Bridge Credit Agreements and, within 60 days of the Elan Acquisition, Elan and certain of its subsidiaries will accede to the Bridge Credit Agreement as guarantors. Commitments under the Bridge Credit Agreements will terminate automatically on the earlier of a) the funding and disbursement of the loans to PCL on the Closing Date, b) April 29, 2014 (or, if all but certain regulatory conditions in the Elan Acquisition have been completed, July 29, 2014) or c) certain other events. Amounts outstanding under each of the Bridge Credit Agreements will bear interest at PCL’s option (a) at the alternative base rate or (b) the eurodollar rate plus, in either case, applicable margins as set forth in the Bridge Credit Agreements. Repayment of the loans will be due 60 days after the Closing Date in the case of the Cash Bridge Credit Agreement and 360 days after the Closing Date in the case of the Debt Bridge Credit Agreement. As of September 28, 2013, no loans were outstanding under the Bridge Credit Agreements.

On September 6, 2013, PCL entered into a Term Loan Credit Agreement and a Revolving Credit Agreement (together, “Permanent Credit Agreements”) with Barclays Bank as Administrative Agent, HSBC Bank USA as Syndication Agent and certain other participating banks. The Permanent Credit Agreements provide senior unsecured financing in aggregate principal amounts of $1.0 billion under the Term Loan Credit Agreement (provided through tranche 1 in the amount of $300 million maturing as of the second anniversary of the Acquisition Closing Date and tranche 2 in the amount of $700 million maturing as of the fifth anniversary of the Acquisition Closing Date) and up to $600 million under the Revolving Credit Agreement that will expire on the fifth anniversary of the Acquisition Closing Date. Obligations of PCL under the Permanent Credit Agreements are guaranteed by Perrigo, certain domestic subsidiaries of Perrigo and, following completion of the Elan Acquisition, by Elan and certain subsidiaries of Elan. Both tranches of the Term Loan Credit Agreement will be funded as of the Acquisition Closing Date, and funding under the Revolving Credit Agreement will become available as of the Acquisition Closing Date. Amounts outstanding under each of the Permanent Credit Agreements will bear interest at PCL’s option (a) at the alternative base rate or (b) the eurodollar rate plus, in either case, applicable margins as set forth in the Permanent Credit Agreements. As of September 28, 2013, no loans were outstanding under the Permanent Credit Agreements.

PCL capitalized $8,406,012 related to deferred financing and expensed $186,667 related to interest expense that was paid by Perrigo. The deferred financing fees were recorded in the Condensed Consolidated Balance Sheet and relate to the Permanent Credit Agreements.