Davis Polk & Wardwell LLP advised Warner Chilcott plc on its $2.25 billion leveraged recapitalization. Under this recapitalization, subsidiaries of Warner Chilcott issued $750 million principal amount of 7.75% senior notes due 2018 and borrowed $1.5 billion of term loans under an amendment to its secured credit facility. Proceeds of the financings will be used to fund a special one-time cash dividend of $8.50 per share, or $2.14 billion in the aggregate.

Warner Chilcott is a leading specialty pharmaceutical company currently focused on the gastroenterology, women's health care, dermatology and urology segments of the U.S. and Western European pharmaceuticals markets. The company is a fully integrated company with internal resources dedicated to the development, manufacturing and promotion of its products.

The Davis Polk corporate team included partner Michael Kaplan, counsel Jeff Ramsay and associates Y. Jung Choi, Sarah Ashfaq, James P. Richards and Priya Bindra. The credit team included partner Jason Kyrwood and associates Sarah M. Ryan, Shakhi Majumdar and Michelle B. Galdos. Partner Michael Mollerus and associate Craig A. Phillips provided tax advice. Partner Edmond T. FitzGerald and associates Ann Becchina and Jessica Lutrin provided benefits advice. Natalie Chan and Alexander G. Nelson were the legal assistants for the transaction. All members of the Davis Polk team are based in the New York office.