Mallinckrodt (MNK) discloses exchange agreement with note holders

Mallinckrodt (NYSE: MNK) disclosed:

On April 7, 2020, Mallinckrodt plc (the “Company” or “Mallinckrodt”) and Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC, two wholly-owned subsidiaries of Mallinckrodt plc (such subsidiaries, the “Issuers”, and together with the Company, the “Mallinckrodt Parties”), entered into an exchange agreement (the “Exchange Agreement”) with Aurelius Capital Master, Ltd., Franklin Advisers, Inc., as investment manager to certain funds and accounts, Capital Research and Management Company and private funds managed by Columbus Hill Capital Management, L.P. (collectively, the “Exchanging Holders”). Pursuant to the Exchange Agreement, the Exchanging Holders agreed to a private exchange with the Issuers of their holdings of 4.875% Senior Notes due 2020 issued by the Issuers (the “Existing Notes”) (consisting of approximately $495.0 million aggregate principal amount of the Existing Notes) for new 10.000% First Lien Senior Secured Notes due 2025 issued by the Issuers (the “New Notes”), at a rate of $1,000 of New Notes for every $1,000 of Existing Notes exchanged (such exchange, the “Exchange”). The Issuers and Exchanging Holders expect to consummate the Exchange on April 7, 2020.

The foregoing summary of the Exchange Agreement is not complete and is qualified in its entirety by reference to the Exchange Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

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