Deal Details

PLD Completes $312.5 Million Senior Secured Term Loan Debt Recapitalization

Healthcare

PLD debt recapitalization

Summary

P&L Development Holdings, LLC (“PLD” or the “Company”) recently completed a recapitalization through a new $312.5 million senior secured term loan and $40 million asset-based revolving credit facility. The Company intends to use the proceeds to repay existing indebtedness and to fund the acquisition of Teva Pharmaceutical Industries’ nicotine replacement therapy (“NRT”) business and a basket of over-the-counter (“OTC”) and Abbreviated New Drug Application (“ANDA”) products (“Teva OTC”).

Baird served as exclusive debt advisor to P&L Development, LLC on this transaction.

About

Founded in 1988, PLD is a leading manufacturer, packager and distributor of OTC pharmaceutical products and consumer healthcare goods. PLD offers a full range of solid dose and liquid dose medicines, as well as a variety of first aid and consumer healthcare products. PLD offers the top private label products in categories including analgesics, digestive aids, cough/cold, first aid, sleep/awake/motion aids, allergy relief and electrolytes. The Company serves a broad range of major blue-chip retail customers nationwide. PLD is based in Westbury, New York.

Teva OTC is a fully integrated NRT business, which includes commercial and pipeline products and an NRT gum manufacturing site, alongside baskets of commercial and pipeline OTC and ANDA products.

Healthcare

PLD debt recapitalization