Catalent, Inc., the leading global contract development and manufacturing organization (CDMO) dedicated to helping people live better and healthier lives, today announced the successful completion of a refinancing transaction to support continued growth and investments in its business to better support its customers. The refinancing includes a new $4.1 billion equivalent seven-year Term Loan B facility and a $600 million revolving credit facility, replacing the company’s existing Term Loan B. The refinancing is expected to reduce Catalent’s annual interest expense by approximately $100 million.

“We are extremely pleased with the outcome of our debt refinancing and the strong market demand for the transaction,” said Matti Masanovich, Senior Vice President and Chief Financial Officer, Catalent. “The transaction significantly improves our financial profile by reducing our borrowing costs, strengthening our liquidity position and providing additional flexibility to support our strategic priorities and long-term growth.”

Catalent’s new $600 million revolving credit facility is supported by a syndicate of 10 global institutional banks, broadening the company’s banking relationships and strengthening access to capital. Following completion of the transaction, Catalent has approximately $1.1 billion of available liquidity, including cash on hand and access to its revolving credit facility.

“This transaction is another example of the progress Catalent continues to make as we build a stronger company for the future,” said Alessandro Maselli, President and Chief Executive Officer of Catalent. “The improved capital structure gives us even greater ability to invest in our people, capabilities, network and customer partnerships. Most importantly, it supports our mission to develop, manufacture and supply products that help people live better and healthier lives.”

The debt refinancing was led by JP Morgan and Morgan Stanley. Catalent’s debt received ratings of B1 from Moody’s and B+ from S&P, both with stable outlooks.

About Catalent

Catalent, Inc. is a leading global contract development and manufacturing organization (CDMO) championing the missions that help people live better and healthier lives. Every product that Catalent helps develop, manufacture and launch reflects its commitment to improve health outcomes around the world through its Patient First approach. Catalent provides unparalleled service to pharma, biotech and consumer health customers, delivering on their missions to transform lives. Catalent tailors end-to-end solutions to meet customers’ needs in all phases of development and manufacturing. With thousands of scientists and technicians and the latest technology platforms at nearly 40 global sites, Catalent supplies billions of doses of life-enhancing and life-saving treatments for patients annually. For more information, visit www.catalent.com.

Media gallery

About The Author
Business Wire