Debt Recapitalization

Healthcare
Debt Recapitalization

Summary

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

About

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”).

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.
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Healthcare
Debt Recapitalization
Date
June 2019
Company
P&L Development, LLC
Transaction
M&A
Sectors
Healthcare
Target Location
North America

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