Amgen Obtains Buyout Financing; Quikrete Sets September Meeting

Amgen Inc. obtained bank commitments for as much as $1.65 billion to support its buyout of Onyx Pharmaceuticals Inc., while Quikrete Companies Inc. set a Sept. 10 lender meeting to discuss $1.62 billion of acquisition loans.

Bank of America Corp., JPMorgan Chase & Co. and Barclays Plc are arranging the transaction for the world’s largest biotechnology company by sales, Amgen said in a regulatory filing today. The acquisition, which has a purchase price of $10.4 billion or $9.7 billion net of estimated Onyx cash, will be financed using $8.1 billion in bank loans and cash the company has in the U.S., according to a statement yesterday distributed by PR Newswire.

Wells Fargo & Co. is arranging the financing for Quikrete to support its purchase of Custom Building Products Inc., according to a person with knowledge of the matter who asked not to be identified because terms aren’t set. The transaction includes a $1.23 billion term loan, a $190 million second-lien portion and a $200 million asset-backed piece.

Prices of leveraged loans fell 0.01 cent today to 97.66 cents on the dollar, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 Index. That’s the lowest since July 10.

To contact the reporter on this story: Krista Giovacco in New York at

To contact the editor responsible for this story: Faris Khan at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.