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Warner Chilcott Considers Potential Repurchase or Redemption of 8.75% Senior Subordinated Notes
Date:12/11/2009

ARDEE, Ireland, Dec. 11 /PRNewswire-FirstCall/ -- As Warner Chilcott plc (Nasdaq: WCRX) has previously disclosed, its acquisition of the global branded prescription pharmaceuticals business of The Procter & Gamble Company ("P&G") on October 30, 2009 (the "PGP Acquisition"), constituted a change of control under a global marketing and collaboration agreement (the "Marketing Agreement") between a P&G subsidiary acquired by Warner Chilcott and Sanofi-Aventis U.S. LLC ("Sanofi") relating to the development and sale of risedronate products (including Actonel®). Pursuant to the Marketing Agreement, the change of control gives Sanofi the right to exercise an option to put its interest in the Marketing Agreement to Warner Chilcott at a fair market value to be determined by independent third party firms (the "Sanofi Put"). In conjunction with the closing of the PGP Acquisition, certain subsidiaries of the Company entered into senior secured credit facilities (the "Senior Secured Facilities"), which included a delayed-draw term loan facility in the amount of $350.0 million to be borrowed, if necessary, to discharge, in whole or in part, the obligations of the Company or its subsidiaries in connection with the exercise of the Sanofi Put.

In the event that Sanofi does not exercise the Sanofi Put, the Company is seeking an amendment to the Senior Secured Facilities that would allow the Company and its subsidiaries to use proceeds borrowed under the delayed-draw term loan facility or a new facility to repurchase or redeem its outstanding 8.75% Senior Subordinated Notes due 2015 (the "Notes"). The Company can offer no assurance that the Sanofi Put will not be exercised, that the Company will obtain an amendment to the Senior Secured Facilities or that the Company will elect to repurchase or redeem the Notes.

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SOURCE Warner Chilcott plc
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