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Warner Chilcott Successfully Completes Refinancing of Senior Secured Credit Facilities and Updates Full Year 2011 Financial Guidance
Date:3/17/2011

DUBLIN, March 17, 2011 /PRNewswire/ -- Warner Chilcott plc (Nasdaq: WCRX) announced today that certain of its subsidiaries have successfully completed the refinancing of the Company's prior senior secured credit facilities.  The Company used the proceeds of its term loan borrowings under its new senior secured credit facilities, as well as approximately $279 million of cash on hand, to repay and terminate its prior senior secured credit facilities and to pay related fees and expenses.  The Company's new $3.25 billion senior secured credit facilities are comprised of a $1.25 billion Term Loan A facility maturing in 2016 and bearing interest at LIBOR plus 3.00% (with a LIBOR floor of 0.75%), a $1.75 billion Term Loan B facility maturing in 2018 and bearing interest at LIBOR plus 3.25% (with a LIBOR floor of 1.00%) and a $250 million revolving credit facility maturing in 2016 which remained undrawn at the closing.  

Financial GuidanceThe Company is also affirming its previously issued full year 2011 financial guidance ranges for total revenue, gross margin, SG&A expense, R&D expense and income taxes, while updating its projections for GAAP net income, cash net income ("CNI") and CNI per share as a result of successfully completing the debt refinancing. CNI is defined as the Company's GAAP net income adjusted for the after-tax effects of two non-cash items: amortization (including impairments, if any) of intangible assets and amortization (including write-offs, if any) of deferred loan costs related to its debt.

The Company now estimates that its full year 2011 GAAP net income will decrease by approximately $15 million and be in the range of $255 million to $281 million, primarily driven by the write-down of previously outstanding deferred loan costs in connection with the refinancing which are expected to more than offset reduced cash interest
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