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Warner Chilcott Board Declares Special Dividend


(RTTNews.com) - Warner Chilcott plc (WCRX), a specialty pharmaceutical company, announced it has completed an amendment to its existing senior secured credit facilities, pursuant to which it has incurred an additional $600 million aggregate principal amount of new term loans. As a result of closing the amendment and the related borrowings, Warner Chilcott's board declared a special cash dividend of $4.00 per share.

The new term loan facilities are comprised of a $300 million Term Loan B-4/5 bearing interest at LIBOR plus 3.00% with a five-year maturity, and a $300 million Additional Term Loan B-1 bearing interest at LIBOR plus 3.25% with a LIBOR floor of 1.00% and maturing on March 15, 2018.

The company will use the proceeds from the new term loans and cash on hand to fund the special cash dividend to its shareholders of $4.00 per share, or approximately $1.0 billion in the aggregate, and to pay related fees and expenses.

The special cash dividend will be paid on September 10, 2012 to shareholders of record on August 31