UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 7, 2016

 

 

PERRIGO COMPANY PLC

(Exact name of registrant as specified in its charter)

 

 

Commission file number 001-36353

 

Ireland   Not Applicable
(State or other jurisdiction
of incorporation or organization)
  (I.R.S. Employer
Identification No.)

Treasury Building, Lower Grand Canal Street, Dublin 2,

Ireland

  Not Applicable
(Address of principal executive offices)   (Zip Code)

+353 1 7094000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 1.01 Entry into a Material Definitive Agreement.

On March 10, 2016, Perrigo Finance Unlimited Company, a public unlimited company incorporated under the laws of Ireland (the “Issuer”), and a wholly-owned finance subsidiary of Perrigo Company plc, a public limited company incorporated under the laws of Ireland (the “Company”), announced the closing of its offering of $1.2 billion of senior notes consisting of $500.0 million aggregate principal amount of its 3.500% Senior Notes due 2021 (the “2021 Notes”) and $700.0 million aggregate principal amount of its 4.375% Senior Notes due 2026 (the “2026 Notes” and, together with the 2021 Notes, the “Notes”), pursuant to supplemental indenture no. 2, dated as of March 10, 2016 (the “Second Supplemental Indenture”), among the Issuer, the Company, as guarantor, and Wells Fargo Bank, National Association, as trustee (the “Trustee”), to an indenture, dated as of December 2, 2014 (the “Base Indenture,” and together with the Second Supplemental Indenture, the “Indenture”), among the Issuer, the Company and the Trustee. The sale of the Notes has been registered with the Securities and Exchange Commission (the “SEC”) in a registration statement on Form S-3 (File No. 333-200387) (the “Registration Statement”).

The net proceeds from the offering were approximately $1,188.2 million, after deducting the underwriting discount and offering expenses paid by the Issuer. The Company intends to use the net proceeds of the offering to repay amounts borrowed under a senior unsecured 364-day revolving credit agreement with the Issuer, as borrower, the Company, as guarantor, and a syndicate of financial institutions, as lenders, HSBC Bank USA, N.A., as administrative agent, and Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as syndication agents, and a senior unsecured five-year revolving credit agreement with the Issuer, as borrower, the Company, as guarantor, and a syndicate of financial institutions, as lenders, JPMorgan Chase Bank, N.A., as administrative agent, and Barclays Bank plc, as syndication agent, with the balance used for general corporate purposes.

Notes and the Indenture

Interest and Maturity

The 2021 Notes will bear interest at the rate of 3.500% per annum and the 2026 Notes will bear interest at the rate of 4.375% per annum. Interest on the Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2016. The 2021 Notes will mature on March 15, 2021 and the 2026 Notes will mature on March 15, 2026.

Guarantee; No Security

The Notes will not be secured and will be the Issuer’s senior obligations. The Notes will be guaranteed on a senior unsecured basis by the Company. The notes will not be guaranteed by any of the Company’s other subsidiaries.

Optional Redemption

Prior to February 15, 2021 (in the case of the 2021 Notes) or December 15, 2025 (in the case of the 2026 Notes), the Issuer may redeem all or part of the Notes of the applicable series at any time or from time to time at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed and a “make-whole” amount applicable to such Notes as described in the Indenture plus accrued and unpaid interest to, but excluding, the redemption date. On or after February 15, 2021 (in the case of the 2021 Notes) or December 15, 2025 (in the case of the 2026 Notes), the Issuer may redeem all or part of the Notes of the applicable series at any time or from time to time at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.

Change of Control Triggering Event

Upon the occurrence of a Change of Control Triggering Event (as defined in the Indenture) with respect to the Notes, unless the Issuer has exercised the option to redeem the Notes, the Issuer will be required to offer


payment in cash equal to 101% of the aggregate principal amount of the Notes repurchased, plus accrued and unpaid interest and additional interest, if any, on the applicable Notes repurchased to, but not including, the date of repurchase.

Covenants

The Indenture contains covenants, including limitations that restrict the Issuer’s activities, the Company’s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness and enter into sale and leaseback transactions and the ability of the Issuer and the Company to consolidate, merge or transfer all or substantially all of their respective assets and the assets of its subsidiaries, in each case subject to material exceptions described in the Indenture.

Events of Default

The Indenture also provides for customary events of default which, if any of them occurs, would permit or would require the principal and accrued interest on the affected series of Notes to become due and payable immediately following any applicable grace period.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Base Indenture and Second Supplemental Indenture. The Base Indenture was filed with the SEC as Exhibit 4.1 to the Company’s registration statement on Form S-3 (File No. 333-200387) on November 20, 2014. The Second Supplemental Indenture, including the form of Global Note representing the 2021 Notes and the form of Global Note representing the 2026 Notes attached thereto, is filed herewith as Exhibit 4.1 and is incorporated herein by reference. Certain legal opinions related to the Notes are attached hereto as Exhibits 5.1 and 5.2 and are incorporated by reference into the Registration Statement.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated by reference into this Item 2.03.

 

Item 8.01 Other Events.

On March 7, 2016, the Issuer entered into an underwriting agreement (the “Underwriting Agreement”) with the Company, HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, as representatives of the several underwriters named therein in connection with the offer and sale by the Issuer of the Notes. The Underwriting Agreement contains representations by the Company and indemnification on certain matters in favor of the underwriters named therein. In the ordinary course of their business, the underwriters and certain of their affiliates have in the past and/or may in the future engage in investment and commercial banking or other transactions of a financial nature with the Company or its affiliates, including the provision of certain advisory services and the making of loans to the Company and its affiliates in the ordinary course of their business for which they will receive customary fees or expenses. A copy of the Underwriting Agreement is filed as Exhibit 1.1 to this Current Report on Form 8-K and is incorporated by reference into the Registration Statement. The description of the material terms of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.

On March 8, 2016, the Company issued a press release announcing the pricing of the Notes offering. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.

On March 10, 2016, the Company issued a press release announcing the closing of the Notes offering. A copy of the press release is filed as Exhibit 99.2 to this Current Report on Form 8-K.

The Company’s Computation of Ratio of Earnings to Fixed Charges for the transition period from June 28, 2015 to December 31, 2015, and each of the five fiscal years in the five-year period ended June 27, 2015, is filed as Exhibit 12.1 to this Current Report on Form 8-K, and is incorporated by reference into the Registration Statement.


In connection with its re-registration as a public unlimited company under the laws of Ireland, on October 29, 2015, the Issuer adopted a new Constitution. The certificate of incorporation on re-registration of as a public unlimited company and updated Constitution of the Issuer are attached hereto as Exhibits 3.1 and 3.2, respectively, and are incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit 1.1    Underwriting Agreement, dated March 7, 2016, among the Issuer, the Company and HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, as representatives of the several Underwriters.
Exhibit 3.1    Certificate of Incorporation, dated October 19, 2004, Certificate of Incorporation on re-registration as a public unlimited company, dated October 29, 2015 and Certificate of Incorporation on change of name, dated November 4, 2014, of Perrigo Finance Unlimited Company (formerly known as Perrigo Finance plc).
Exhibit 3.2    Updated Constitution of Perrigo Finance Unlimited Company (formerly known as Perrigo Finance plc).
Exhibit 4.1    Supplemental Indenture No. 2, dated as of March 10, 2016, among the Issuer, the Company and Wells Fargo Bank, National Association, as trustee.
Exhibit 4.2    Form of Global Note representing the Notes (included in Exhibit 4.1).
Exhibit 4.3    Form of Global Note representing the Notes (included in Exhibit 4.1).
Exhibit 5.1    Opinion of A&L Goodbody.
Exhibit 5.2    Opinion of Fried, Frank, Harris, Shriver & Jacobson LLP.
Exhibit 12.1    Computation of Ratio of Earnings to Fixed Charges.
Exhibit 23.1    Consent of A&L Goodbody (included in Exhibit 5.1).
Exhibit 23.2    Consent of Fried, Frank, Harris, Shriver & Jacobson LLP (included in Exhibit 5.2).
Exhibit 99.1    Press release issued by Perrigo Company plc on March 8, 2016.
Exhibit 99.2    Press release issued by Perrigo Company plc on March 10, 2016.

Cautionary Statement Regarding Forward-Looking Statements

This Form 8-K contains so-called “forward-looking statements” within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the Company’s, or its industry’s, actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this Form 8-K are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or other


comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. Risks and uncertainties include risks relating to the successful completion of the transactions contemplated herein. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-KT for the transition period from June 28, 2015 to December 31, 2015, in the subsequent filings with the SEC and in other investor communications of the Company from time to time, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this document are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Signature

Pursuant to the requirement of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 10, 2016

 

PERRIGO COMPANY PLC

(Registrant)

By:  

/s/ Judy L. Brown

 

Judy L. Brown

Executive Vice President and

Chief Financial Officer

(Principal Accounting and Financial Officer)


Exhibit Index

 

Exhibit 1.1    Underwriting Agreement, dated March 7, 2016, among the Issuer, the Company and HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, as representatives of the several Underwriters.
Exhibit 3.1    Certificate of Incorporation, dated October 19, 2004, Certificate of Incorporation on re-registration as a public unlimited company, dated October 29, 2015, and Certificate of Incorporation on change of name, dated November 4, 2014, of Perrigo Finance Unlimited Company (formerly known as Perrigo Finance plc).
Exhibit 3.2    Updated Constitution of Perrigo Finance Unlimited Company (formerly known as Perrigo Finance plc).
Exhibit 4.1    Supplemental Indenture No. 2, dated as of March 10, 2016, among the Issuer, the Company and Wells Fargo Bank, National Association, as trustee.
Exhibit 4.2    Form of Global Note representing the Notes (included in Exhibit 4.1).
Exhibit 4.3    Form of Global Note representing the Notes (included in Exhibit 4.1).
Exhibit 5.1    Opinion of A&L Goodbody.
Exhibit 5.2    Opinion of Fried, Frank, Harris, Shriver & Jacobson LLP.
Exhibit 12.1    Computation of Ratio of Earnings to Fixed Charges.
Exhibit 23.1    Consent of A&L Goodbody (included in Exhibit 5.1).
Exhibit 23.2    Consent of Fried, Frank, Harris, Shriver & Jacobson LLP (included in Exhibit 5.2).
Exhibit 99.1    Press release issued by Perrigo Company plc on March 8, 2016.
Exhibit 99.2    Press release issued by Perrigo Company plc on March 10, 2016.

Exhibit 1.1

Perrigo Company plc

Perrigo Finance Unlimited Company

$500,000,000 3.500% Senior Notes due 2021

$700,000,000 4.375% Senior Notes due 2026

Underwriting Agreement

March 7, 2016

HSBC Securities (USA) Inc.

Merrill Lynch, Pierce, Fenner & Smith

                     Incorporated

Morgan Stanley & Co. LLC

As Representatives of the several Underwriters listed in Schedule 1 hereto

c/o HSBC Securities (USA) Inc.

452 Fifth Avenue

New York, New York 10018

Merrill Lynch, Pierce, Fenner & Smith

                     Incorporated

One Bryant Park

New York, New York 10036

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

Ladies and Gentlemen:

Perrigo Finance Unlimited Company, a public unlimited company incorporated under the laws of Ireland (the “ Company ”), a wholly-owned finance subsidiary of Perrigo Company plc, a public limited company incorporated under the laws of Ireland (the “ Parent Guarantor ”), proposes to issue and sell to the several underwriters listed in Schedule 1 hereto (the “ Underwriters ”), for whom you are acting as representatives (the “ Representatives ”), $500,000,000 aggregate principal amount of its 3.500% Senior Notes due 2021 (the “ 2021 notes ”), and $700,000,000 aggregate principal amount of its 4.375% Senior Notes due 2026 (the “ 2026 notes ” and, together with the 2021 notes, the “ Debt Securities ”). The Debt Securities will be issued pursuant to an Indenture, dated as of December 2, 2014 (the “ Base Indenture ”), among the Company, the Parent Guarantor and Wells Fargo Bank, National Association, as trustee (the “ Trustee ”), as amended by Supplemental Indenture No. 2, to be dated as of March 10, 2016 (the “ Supplemental Indenture ,” and, together with the Base Indenture, the “ Indenture ”), and will be guaranteed on a senior basis by the Parent Guarantor (the “ Guarantee ”).

The Company and the Parent Guarantor hereby confirm their agreement with the several Underwriters concerning the purchase and sale of the Debt Securities, as follows:

1. Registration Statement . The Company has prepared and filed with the Securities and Exchange Commission (the “ Commission ”) under the Securities Act of 1933, as amended, and the rules and regulations of the Commission thereunder (collectively, the “ Securities Act ”), an automatic shelf registration statement on Form S-3


(File No. 333-200387), including a prospectus relating to the Debt Securities. Such registration statement, as amended at the time it became effective, including the information, if any, deemed pursuant to Rule 430A, 430B or 430C under the Securities Act to be part of the registration statement at the time of its effectiveness (“ Rule 430 Information ”), is referred to herein as the “ Registration Statement ”; and as used herein, the term “ Preliminary Prospectus ” means each prospectus included in such registration statement (and any amendments thereto) before effectiveness, any prospectus filed with the Commission pursuant to Rule 424(a) under the Securities Act and the prospectus included in the Registration Statement at the time of its effectiveness that omits Rule 430 Information, and the term “ Prospectus ” means the prospectus in the form first used (or made available upon request of purchasers pursuant to Rule 173 under the Securities Act) in connection with confirmation of sales of the Debt Securities. Any reference in this Agreement to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the Securities Act, as of the effective date of the Registration Statement or the date of such Preliminary Prospectus or the Prospectus, as the case may be and any reference to “ amend ”, “ amendment ” or “ supplement ” with respect to the Registration Statement, any Preliminary Prospectus or the Prospectus shall be deemed to refer to and include any documents filed after such date under the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder (collectively, the “ Exchange Act ”) that are deemed to be incorporated by reference therein. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Registration Statement and the Prospectus.

At or prior to the Applicable Time (as defined below), the Company had prepared the following information (collectively, the “ Pricing Disclosure Package ”): a Preliminary Prospectus, dated March 7, 2016, and each “ free-writing prospectus ” (as defined pursuant to Rule 405 under the Securities Act) listed on Annex A hereto.

Applicable Time ” means 4:00 P.M., New York City time, on March 7, 2016.

2. Purchase of the Debt Securities by the Underwriters .

The Company agrees to issue and sell the Debt Securities to the several Underwriters as provided in this underwriting agreement (this “ Agreement ”), and each Underwriter, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal amount of Debt Securities set forth opposite such Underwriter’s name in Schedule 1 hereto at a price equal to (i) in the case of the 2021 notes, 99.308% of the principal amount thereof plus accrued interest, if any, from March 10, 2016 to the Closing Date (as defined below) and (ii) in the case of the 2026 notes, 99.101% of the principal amount thereof plus accrued interest, if any, from March 10, 2016 to the Closing Date. The Company will not be obligated to deliver any of the Debt Securities except upon payment for all the Debt Securities to be purchased as provided herein.

(a) The Company understands that the Underwriters intend to make a public offering of the Debt Securities as soon after the effectiveness of this Agreement as in the judgment of the Representatives is advisable, and initially to offer the Debt Securities on the terms set forth in the Pricing Disclosure Package. The Company acknowledges and agrees that the Underwriters may offer and sell the Debt Securities to or through any affiliate of an Underwriter and that any such affiliate may offer and sell the Debt Securities purchased by it to or through any Underwriter.

(b) Payment for and delivery of the Debt Securities will be made at the offices of O’Melveny & Myers LLP at 10:00 A.M., New York City time, on March 10, 2016, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representatives and the Company may agree upon in writing. The time and date of such payment and delivery is referred to herein as the “ Closing Date ”.

(c) Payment for the Debt Securities shall be made by wire transfer in immediately available funds to the account(s) specified by the Company to the Representatives against delivery to the nominee of The Depository Trust Company (“ DTC ”), for the account of the Underwriters, of one or more global notes representing the Debt Securities (collectively, the “ Global Notes ”), with any transfer taxes payable in connection with the sale of the Debt Securities duly paid by the Company. The Global Notes will be made available for inspection by the Representatives not later than 2:00 P.M., New York City time, on the business day prior to the Closing Date.


(d) The Company and the Parent Guarantor acknowledge and agree that each Underwriter is acting solely in the capacity of an arm’s length contractual counterparty to the Company and the Parent Guarantor with respect to the offering of Debt Securities contemplated hereby (including in connection with determining the terms of the offering) and not as a financial advisor or a fiduciary to, or an agent of, the Company, the Parent Guarantor or any other person. Additionally, neither the Representatives nor any other Underwriter is advising the Company, the Parent Guarantor or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company and the Parent Guarantor shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and neither the Representatives nor any other Underwriter shall have any responsibility or liability to the Company or the Parent Guarantor with respect thereto. Any review by the Representatives or any Underwriter of the Company, the Parent Guarantor, the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Representatives or such Underwriter and shall not be on behalf of the Company or the Parent Guarantor or any other person.

3. Representations and Warranties of the Company and the Parent Guarantor . The Company and the Parent Guarantor jointly and severally represent and warrant to each Underwriter that:

(a) Preliminary Prospectus . No order preventing or suspending the use of any Preliminary Prospectus has been issued by the Commission, and each Preliminary Prospectus included in the Pricing Disclosure Package, at the time of filing thereof, complied in all material respects with the Securities Act, and no Preliminary Prospectus, at the time of filing thereof, contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company and the Parent Guarantor make no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company and the Parent Guarantor in writing by such Underwriter through the Representatives expressly for use in any Preliminary Prospectus, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 7(b) hereof.

(b) Pricing Disclosure Package . The Pricing Disclosure Package, as of the Time of Sale did not, and as of the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company and the Parent Guarantor make no representation and warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company and the Parent Guarantor in writing by such Underwriter through the Representatives expressly for use in such Pricing Disclosure Package, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 7(b) hereof. No statement of material fact included in the Prospectus has been omitted from the Pricing Disclosure Package and no statement of material fact included in the Pricing Disclosure Package that is required to be included in the Prospectus has been omitted therefrom.

(c) Issuer Free Writing Prospectus . Other than the Registration Statement, the Preliminary Prospectus and the Prospectus, the Company and the Parent Guarantor (including their respective agents and representatives, other than the Underwriters in their capacity as such) have not prepared, used, authorized, approved or referred to and will not prepare, use, authorize, approve or refer to any “written communication” (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Debt Securities (each such communication by the Company, the Parent Guarantor or their respective agents and representatives (other than a communication referred to in clause (i) below) an “ Issuer Free Writing Prospectus ”) other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act or (ii) the documents listed on Annex A hereto, each electronic road show and any other written communications approved in writing in advance by the Representatives. Each such Issuer Free Writing Prospectus complied in all material respects with the Securities Act, has been or will be (within the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and does not conflict in any material respect with the information contained in the Registration Statement or the Pricing Disclosure Package, and, when taken together with the Preliminary Prospectus and all other Issuer Free Writing Prospectus accompanying, or delivered prior to delivery of, such Issuer Free Writing Prospectus, did not, and as of


the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company and the Parent Guarantor make no representation and warranty with respect to any statements or omissions made in each such Issuer Free Writing Prospectus or Preliminary Prospectus in reliance upon and in conformity with information relating to any Underwriter furnished to the Company or the Parent Guarantor in writing by such Underwriter through the Representatives expressly for use in such Issuer Free Writing Prospectus or Preliminary Prospectus, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 7(b) hereof.

(d) Registration Statement and Prospectus . The Registration Statement is an “automatic shelf registration statement” as defined under Rule 405 of the Securities Act that has been filed with the Commission not earlier than three years prior to the date hereof; and no notice of objection of the Commission to the use of such registration statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act has been received by the Company or the Parent Guarantor. No order suspending the effectiveness of the Registration Statement has been issued by the Commission, and no proceeding for that purpose or pursuant to Section 8A of the Securities Act against the Company or the Parent Guarantor or related to the offering of the Debt Securities has been initiated or threatened by the Commission; as of the applicable effective date of the Registration Statement and any post-effective amendment thereto, the Registration Statement and any such post-effective amendment complied and will comply in all material respects with the Securities Act and the Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission thereunder (collectively, the “ Trust Indenture Act ”), and did not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; and as of the date of the Prospectus and any amendment or supplement thereto and as of the Closing Date, the Prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company and the Parent Guarantor make no representation or warranty with respect to (i) that part of the Registration Statement that constitutes the Statement of Eligibility and Qualification (Form T-1) of the Trustee under the Trust Indenture Act or (ii) any statements or omissions made in reliance upon and in conformity with information relating to any Underwriter furnished to the Company or the Parent Guarantor in writing by such Underwriter through the Representatives expressly for use in the Registration Statement and the Prospectus and any amendment or supplement thereto, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section 7(b) hereof.

(e) Incorporated Documents . The documents incorporated by reference in the Registration Statement, the Prospectus and the Pricing Disclosure Package, when they were filed with the Commission, conformed in all material respects to the requirements of the Exchange Act, and none of such documents contained any untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and any further documents so filed and incorporated by reference in the Registration Statement, the Prospectus or the Pricing Disclosure Package, when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the representations and warranties set forth in this paragraph do not apply to (A) statements or omissions in the Registration Statement, the Pricing Disclosure Package or the Prospectus based upon information relating to any Underwriter furnished to the Company or the Parent Guarantor in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by an Underwriter consists of the information described as such in Section 7(b) hereof or (B) that part of the Registration Statement that constitutes the Statement of Eligibility (Form T-1) under the Trust Indenture Act, of the Trustee.

(f) Financial Statements . The financial statements (including the related notes thereto) of the Parent Guarantor and its consolidated subsidiaries included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present fairly in all material respects the financial position of the Parent Guarantor and its consolidated subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been


prepared in conformity in all material respects with generally accepted accounting principles in the United States (“ U.S. GAAP ”) applied on a consistent basis throughout the periods covered thereby except as otherwise disclosed in such financial statements, and any supporting schedules included or incorporated by reference in the Registration Statement present fairly in all material respects the information required to be stated therein; and the other financial information included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus has been derived from the accounting records of the Parent Guarantor and its consolidated subsidiaries and presents fairly in all material respects the information shown thereby.

(g) No Material Adverse Change in the Parent Guarantor . Since the date of the most recent financial statements of the Parent Guarantor included or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus, there has not been any change in the capital stock (other than the issuance of ordinary shares of the Parent Guarantor upon the exercise of stock options and warrants described as outstanding in, and the grant of options and awards under existing equity incentive plans described in, the Registration Statement, the Pricing Disclosure Package and the Prospectus and the dividend declared by the Parent Guarantor on the ordinary shares and payable on March 15, 2016 to holders of record on February 26, 2016), short-term debt or long-term debt of the Parent Guarantor or any of its subsidiaries (other than borrowings in the ordinary course of the Parent Guarantor’s business), or any dividend or distribution of any kind declared, set aside for payment, paid or made by the Parent Guarantor on any class of capital stock, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties, management, financial position, stockholders’ equity, results of operations or prospects of the Parent Guarantor and its subsidiaries, taken as a whole, except in each case as otherwise disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

(h) Incorporation and Good Standing . Each of the Company and the Parent Guarantor has been duly incorporated, is validly existing under the laws of the jurisdiction of its incorporation, has the corporate or similar power and authority to own its property and to conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification (to the extent such concept exists under the laws of the relevant jurisdiction), except to the extent that the failure to be so qualified or be in good standing would not have a material adverse effect on the business, properties, management, financial position, stockholders’ equity, results of operations or prospects of the Parent Guarantor and its subsidiaries taken as a whole or on the performance by the Company or the Parent Guarantor of their obligations under this Agreement (each, a “ Material Adverse Effect ”).

(i) Capitalization . The Parent Guarantor has an authorized capitalization as set forth in the Pricing Disclosure Package and the Prospectus under the heading “Capitalization,” except for equity grants made in the ordinary course of business and subject to exercises thereof; all the outstanding shares of the Parent Guarantor have been duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any pre-emptive or similar rights; except as described in or expressly contemplated by the Pricing Disclosure Package and the Prospectus, there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments convertible into or exchangeable for, any shares or other equity interest in the Parent Guarantor or any of its subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any share capital of the Parent Guarantor or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options; the share capital of the Parent Guarantor conforms in all material respects to the description thereof contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

(j) Due Authorization . The Company and the Parent Guarantor each have full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder; and all action required to be taken for the due and proper authorization, execution and delivery by them of this Agreement and the consummation by them of the transactions contemplated hereby has been duly and validly taken.

(k) The Indenture . The Indenture has been duly authorized by the Company and the Parent Guarantor and upon effectiveness of the Registration Statement was and will be duly qualified under the Trust Indenture Act and, when the Supplemental Indenture is duly executed and delivered in accordance with its terms by each of the parties thereto, the Indenture will constitute a valid and legally binding agreement of the Company and


the Parent Guarantor enforceable against the Company and the Parent Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability (collectively, the “ Enforceability Exceptions ”).

(l) The Debt Securities and the Guarantee . The Debt Securities have been duly authorized by the Company and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture; and the Guarantee has been duly authorized by the Parent Guarantor and, when the Debt Securities have been duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will be a valid and legally binding obligation of the Parent Guarantor, enforceable against the Parent Guarantor in accordance with its terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.

(m) Underwriting Agreement . This Agreement has been duly authorized, executed and delivered by the Company and the Parent Guarantor.

(n) Description of the Underwriting Agreement . This Agreement conforms in all material respects to the description thereof contained in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

(o) No Violation or Default . Neither the Parent Guarantor nor any of its subsidiaries is (i) in violation of its Memorandum and Articles of Association, constitution, charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Parent Guarantor or any of its subsidiaries is a party or by which the Parent Guarantor or any of its subsidiaries is bound or to which any of the property or assets of the Parent Guarantor or any of its subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clause (i) (with respect to subsidiaries of the Parent Guarantor only), clause (ii) and clause (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect.

(p) No Conflicts . The execution and delivery by the Company and the Parent Guarantor of, and the performance by each of them of their obligations under, this Agreement, the Indenture and the Debt Securities and the issuance and sale of the Debt Securities and the Guarantee, will not contravene any provision of (i) applicable law, (ii) the certificate of incorporation, by-laws, constitution or Memorandum and Articles of Association of the Company or the Parent Guarantor (iii) any agreement or other instrument binding upon the Parent Guarantor or any of its subsidiaries that is material to the Parent Guarantor and its subsidiaries, taken as a whole, or (iv) any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Parent Guarantor or any of its subsidiaries, except in the case of clauses (i), (iii) or (iv), as would not have a Material Adverse Effect.

(q) No Consents Required . No consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance by the Company or the Parent Guarantor of their obligations under this Agreement, the Indenture and the Debt Securities and the issuance and sale of the Debt Securities and the Guarantee, except (i) such as the Company or the Parent Guarantor is not required to have obtained or made as of the date hereof, but will be obtained or made as of the Closing Date or within the proscribed period under applicable law or administrative regulation, (ii) such as have been obtained (or in the case of a filing, made) and are in full force and effect and (iii) as may be required by the securities or Blue Sky laws of any jurisdiction (other than the Securities Act) in connection with the offer and sale of the Debt Securities.

(r) Legal Proceedings . There are no legal or governmental proceedings pending or, to the knowledge of the Parent Guarantor, threatened to which the Parent Guarantor or any of its subsidiaries is a party or to which any of the properties of the Parent Guarantor or any of its subsidiaries is subject (including, without


limitation, any proceedings before the United States Food and Drug Administration or comparable federal, state, local or foreign governmental bodies) (i) other than proceedings accurately described in all material respects in the Pricing Disclosure Package and proceedings that would not be reasonably expected to have a Material Adverse Effect or (ii) that are required to be described under the Securities Act in the Registration Statement, the Pricing Disclosure Package and that are not so described or the Prospectus; and there are no statutes, regulations, contracts or other documents that are required to be described under the Securities Act in the Registration Statement, the Pricing Disclosure Package or the Prospectus and that are not so described.

(s) Independent Accountants . Ernst & Young LLP, who have certified certain financial statements of the Parent Guarantor and its subsidiaries, is an independent registered public accounting firm with respect to the Parent Guarantor and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States) and as required by the Securities Act.

(t) Title to Intellectual Property . Except as otherwise described in the Pricing Disclosure Package, each of the Parent Guarantor and its subsidiaries own or possess a valid right to use all patents, trademarks, service marks, trade names, copyrights, patentable inventions, trade secret, know-how and other intellectual property (collectively, the “ Intellectual Property ”) used by such entity in, and material to the conduct of such entity’s business as now conducted or as proposed in the Pricing Disclosure Package to be conducted, except where the failure to so own, or have the right to use such Intellectual Property would not, individually or in the aggregate, have a Material Adverse Effect. Except as otherwise described in the Pricing Disclosure Package, there is no material infringement by third parties of any of such entities’ Intellectual Property and there are no legal or governmental actions, suits, proceedings or claims pending or threatened against any such entities (i) challenging such entity’s rights in or to any Intellectual Property, (ii) challenging the validity or scope of any Intellectual Property owned by such entity or (iii) alleging that the operation of such entity’s business as now conducted infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of a third party and, in the case of (i), (ii) and (iii), which infringement, invalidity, inadequacy or violation would, individually or in the aggregate, have a Material Adverse Effect, and none of the Parent Guarantor nor any of its subsidiaries is aware of any facts which would form a reasonable basis for any such claim.

(u) Investment Company Act . The Company is not, and after giving effect to the offering and sale of the Debt Securities and the application of the proceeds thereof as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus, will not be, required to register as an “investment company” as such term is defined in the Investment Company Act of 1940, as amended.

(v) Taxes . Except as otherwise described in the Pricing Disclosure Package, the Parent Guarantor and each of its subsidiaries has filed all federal, state, local and foreign tax returns required to be filed through the date of this Agreement or have requested extensions thereof in accordance with applicable law (except where the failure to file would not, individually or in the aggregate, have a Material Adverse Effect) and have paid all taxes required to be paid thereon (except for cases in which the failure to pay would not have a Material Adverse Effect, or, except as currently being contested in good faith and for which reserves required by U.S. GAAP have been created in the applicable financial statements of the Parent Guarantor), and except as otherwise described in the Pricing Disclosure Package, no tax deficiency has been determined adversely to the Parent Guarantor or any of its subsidiaries which has had (nor does the Parent Guarantor nor any of its subsidiaries have any written notice of any tax deficiency which could reasonably be expected to be determined adversely to the Parent Guarantor or any of its subsidiaries and which could reasonably be expected to have) a Material Adverse Effect.

(w) Licenses and Permits . The Parent Guarantor and each of its subsidiaries possesses such valid and current certificates, permits, licenses, approvals, consents and other authorizations issued by the appropriate state, Federal or foreign regulatory agencies or bodies necessary to conduct its respective business as now or proposed to be conducted, except for such certificates, permits, licenses, approvals, consents and other authorizations, the failure of which to have, would not, individually or in the aggregate, have a Material Adverse Effect, and neither the Parent Guarantor nor any of its subsidiaries has received any notice of proceedings relating to the revocation or modification of, or non-compliance with, any such certificate, permit, license, approval, consent or other authorization which, individually or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could have a Material Adverse Effect.


(x) No Labor Disputes . No material dispute with the employees of the Parent Guarantor or any of its subsidiaries exists, and to the Parent Guarantor’s knowledge, there is no existing or imminent labor disturbance by the employees of any of the principal suppliers, contractors or customers of the Parent Guarantor or any of its subsidiaries that could, individually or in the aggregate, have a Material Adverse Effect.

(y) Compliance with and Liability under Environmental Laws . Except as otherwise described in the Pricing Disclosure Package, the Parent Guarantor and each of its subsidiaries is (i) in compliance with any and all applicable foreign, federal, state and local laws and regulations relating to the protection of the environment or hazardous or toxic substances or wastes, pollutants or contaminants (“Hazardous Substances”) or human health and safety (to the extent relating to exposure to Hazardous Substances) (“Environmental Laws”), (ii) has received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct its respective business and (iii) is in compliance with all terms and conditions of any such permit, license or approval, except in the case of (i), (ii) and (iii) where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, singly or in the aggregate, have a Material Adverse Effect. Except as otherwise described in the Pricing Disclosure Package, to the Parent Guarantor’s knowledge, there are no costs or liabilities arising under Environmental Laws (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or compliance with Environmental Laws or any permit, license or approval, and any potential liabilities to third parties) which would, singly or in the aggregate, have a Material Adverse Effect.

(z) Disclosure Controls . The Parent Guarantor and each of its subsidiaries maintains an effective system of disclosure controls and procedures (as defined in Rule 13a-15 and Rule 15d-15 of the Exchange Act) that are designed to ensure that the information required to be disclosed in the reports that the Parent Guarantor, files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and is accumulated and communicated to management of the Parent Guarantor, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding disclosure.

(aa) Accounting Controls . The Parent Guarantor and each of its subsidiaries maintains effective internal control over financial reporting (as defined under Rule 13a-15 and 15d-15 under the Exchange Act), and the Parent Guarantor and its subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. GAAP, and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and (E) in the case of the Parent Guarantor, interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration Statement fairly presents the information called for in all material respects and is prepared in accordance with the Commission’s rules and guidelines applicable thereto. Except as otherwise described in the Pricing Disclosure Package, since the respective end of its most recent audited fiscal year, there has been (1) no material weakness in the Parent Guarantor’s internal control over financial reporting (whether or not remediated), and (2) no change in the Parent Guarantor’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Parent Guarantor’s internal control over financial reporting.

(bb) Compliance with Anti-Money Laundering Laws . The operations of the Parent Guarantor and each of its subsidiaries are and have been conducted at all times in compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Parent Guarantor and its subsidiaries conduct business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “ Anti-Money Laundering Laws ”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Parent Guarantor or any of its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Parent Guarantor, threatened.


(cc) No Conflicts with Sanctions Laws .

(1) Neither the Parent Guarantor nor any of its subsidiaries, directors, officers or employees, nor, to the knowledge of the Parent Guarantor, any agent, affiliate or other person acting on behalf of the Parent Guarantor or any of its subsidiaries is currently the subject of any sanctions administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury (“ OFAC ”) or the U.S. Department of State and including, without limitation, the designation as a “specially designated national” or “blocked person”), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority applicable to the Parent Guarantor and its subsidiaries (collectively, “ Sanctions ”).

(2) Neither the Parent Guarantor nor any of its subsidiaries are located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan, the Crimean region of Ukraine and Syria (each, a “ Sanctioned Country ”).

(3) Neither the Parent Guarantor nor the Company will directly or indirectly use the proceeds of the offering of the Debt Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) for the specific purpose of funding or facilitating any activities of or business with any person that, at the time of such funding or facilitation, is the subject or target of Sanctions, except to the extent not in violation of any Sanctions; (ii) for the specific purpose of funding or facilitating any activities of, or business in, any Sanctioned Country, except to the extent not in violation of any Sanctions, or (iii) in any other manner that, to the knowledge of the Parent Guarantor, could reasonably be expected to result in a violation by any Underwriter of Sanctions.

(4) For the past five years, the Parent Guarantor and each of its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country, other than (i) through one or more appropriate licenses or (ii) any dealings or transactions by Omega Pharma Invest N.V. (“ Omega ”) prior to the acquisition of Omega by the Parent Guarantor to the extent such dealings or transactions were not in violation of Sanctions then applicable to Omega.

(dd) No Registration Rights . No person has the right to require the Parent Guarantor or any of its subsidiaries to register any securities for sale under the Securities Act by reason of the filing of the Registration Statement with the Commission or the issuance and sale of the Debt Securities.

(ee) No Stabilization . Neither the Company nor the Parent Guarantor has taken, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Debt Securities.

(ff) Sarbanes-Oxley Act . There is and has been no failure on the part of the Parent Guarantor or any of the Parent Guarantor’s directors or officers, in their capacities as such, to comply in all material respects with any provision of the Sarbanes-Oxley Act of 2002, as amended and the rules and regulations promulgated in connection therewith (the “ Sarbanes-Oxley Act ”), including Section 402 related to loans and Sections 302 and 906 related to certifications.

(gg) Significant Subsidiaries . Each “significant subsidiary,” as such term is defined in Rule 1-02 of Regulation S-X under the Exchange Act, of the Parent Guarantor has been duly organized, is validly existing in good standing (to the extent such concept exists under the laws of the relevant jurisdiction) under the laws of the jurisdiction of organization, has the corporate or similar organizational power and authority to own its property and to conduct its business as described in the Registration Statement, the Pricing Disclosure Package and the Prospectus


and is duly qualified to transact business as a foreign corporation or other entity and is in good standing (to the extent such concept exists under the laws of the relevant jurisdiction) in each jurisdiction in which the conduct of its business or its ownership or leasing of property requires such qualification, except to the extent that the failure to be so qualified or be in good standing would not have a Material Adverse Effect; all of the issued shares of capital stock or other ownership interests of each significant subsidiary of the Parent Guarantor have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Parent Guarantor, free and clear of all liens, encumbrances, equities or claims, except with respect to any directors qualifying shares and except, as otherwise described in the Registration Statement, the Pricing Disclosure Package and the Prospectus.

(hh) Status under the Securities Act . At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Parent Guarantor or any offering participant made a bona fide offer (within the meaning of Rule 164(h)(2) under the Securities Act) of the Debt Securities and at the date hereof, the Parent Guarantor was not and is not an “ineligible issuer” and is a well-known seasoned issuer, in each case as defined in Rule 405 under the Securities Act.

(ii) Stamp Taxes . Except for any net income, capital gains or franchise taxes imposed on the Underwriters by the Republic of Ireland (“ Ireland ”) or any political subdivision or taxing authority thereof or therein as a result of any present or former connection (other than any connection resulting from the transactions contemplated by this Agreement) between the Underwriters and the jurisdiction imposing such tax, no stamp duties or other issuance or transfer taxes are payable by or on behalf of the Underwriters in Ireland, the United States or any political subdivision or taxing authority thereof solely in connection with (A) the execution, delivery and performance of this Agreement, (B) the issuance and delivery of the Debt Securities in the manner contemplated by this Agreement and the Prospectus only through the facilities of DTC or (C) the sale and delivery by the Underwriters of the Debt Securities as contemplated herein and in the Prospectus, effected only by means of the transfer of book-entry interests in DTC relating to such Debt Securities, through the facilities of DTC.

(jj) No Immunity . Neither the Parent Guarantor nor any of its subsidiaries or their properties or assets has immunity under Irish, U.S. federal or New York state law from any legal action, suit or proceeding, from the giving of any relief in any such legal action, suit or proceeding, from set-off or counterclaim, from the jurisdiction of any Irish, U.S. federal or New York state court, from service of process, attachment upon or prior to judgment, or attachment in aid of execution of judgment, or from execution of a judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of a judgment, in any such court with respect to their respective obligations, liabilities or any other matter under or arising out of or in connection herewith; and, to the extent that the Parent Guarantor or any of its subsidiaries or any of its properties, assets or revenues may have or may hereafter become entitled to any such right of immunity in any such court in which proceedings arising out of, or relating to the transactions contemplated by this Agreement, may at any time be commenced, the Parent Guarantor has, pursuant to Section 15(d) of this Agreement, waived, and it will waive, or will cause any of its subsidiaries to waive, such right to the extent permitted by law.

(kk) Enforcement of Foreign Judgments . In any proceedings taken in Ireland for the enforcement of a judgment obtained against either of the Company or the Parent Guarantor in any U.S. federal or New York state court in the Borough of Manhattan in the City of New York (a “ Foreign Judgment ”), the Foreign Judgment would be recognized and enforced by the courts of Ireland save that to enforce such a Foreign Judgment in Ireland it would be necessary to obtain an order of the Irish courts. Such order should be granted on proper proof of the Foreign Judgment without any re-trial or examination of the merits of the case subject to the following qualifications: (i) that the foreign court had jurisdiction, according to the laws of Ireland; (ii) that the Foreign Judgment was not obtained by fraud; (iii) that the Foreign Judgment is not contrary to public policy or natural justice as understood in Irish law; (iv) that the Foreign Judgment is final and conclusive; (v) that the Foreign Judgment is for a definite sum of money; and (vi) that the procedural rules of the court giving the Foreign Judgment have been observed.

(ll) Valid Choice of Law . The choice of laws of the State of New York as the governing law of this Agreement is a valid choice of law under the laws of Ireland and will be honored by the courts of Ireland, subject to the restrictions described under the caption “Service of Process and Enforcement of Liabilities” in the Registration Statement, the Pricing Disclosure Package and the Prospectus. The Company and the Parent Guarantor


have the power to submit, and pursuant to Section 15(d) of this Agreement, have legally, validly, effectively and irrevocably submitted, to the personal jurisdiction of each New York state and United States federal court sitting in the City of New York and have validly and irrevocably waived any objection to the laying of venue of any suit, action or proceeding brought in such court.

(mm) Indemnification and Contribution . The indemnification and contribution provisions set forth in Section 7 hereof do not contravene Irish law or public policy.

(nn) Irish Approvals . Except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no approvals are currently required in Ireland in order for the Company to pay principal, interest and premiums, if any, on the Debt Securities. Under current laws and regulations of Ireland and any political subdivision thereof, any amount payable with respect to the Debt Securities upon liquidation of the Company or upon redemption thereof and principal, interest and premiums, if any, payable with respect to the Debt Securities may be paid by the Company in United States dollars or euros and freely transferred out of Ireland, and, except as disclosed in the Registration Statement, the Pricing Disclosure Package and the Prospectus, no such payments made to the holders thereof or therein who are non-residents of Ireland will be subject to income, withholding or other taxes under laws and regulations of Ireland or any political subdivision or taxing authority thereof or therein and without the necessity of obtaining any governmental authorization in Ireland or any political subdivision or taxing authority thereof or therein.

(oo) Legality . The legality, validity, enforceability or admissibility into evidence of any of the Registration Statement, the Pricing Disclosure Package, the Prospectus, this Agreement or the Debt Securities in any jurisdiction in which the Company and the Parent Guarantor are organized or do business is not dependent upon such document being submitted into, filed or recorded with any court or other authority in any such jurisdiction on or before the date hereof or that any tax, imposition or charge be paid in any such jurisdiction on or in respect of any such document.

(pp) Legal Action . A holder of the Debt Securities and each Underwriter are each entitled to sue as plaintiff in the court of the jurisdiction of formation and domicile of the Company or the Parent Guarantor for the enforcement of their respective rights under this Agreement and the Debt Securities and such access to such courts will not be subject to any conditions which are not applicable to residents of such jurisdiction or a company incorporated in such jurisdiction except that plaintiffs not residing in Ireland may be required to guarantee payment of a possible order for payment of costs or damages at the request of the defendant.

4. Further Agreements of the Company and the Parent Guarantor . The Company and the Parent Guarantor each covenants and agrees with each Underwriter that:

(a) Required Filings . The Company and the Parent Guarantor will file the final Prospectus with the Commission within the time periods specified by Rule 424(b) and Rule 430A, 430B or 430C under the Securities Act, will file any Issuer Free Writing Prospectus (including the Pricing Term Sheet referred to in Annex A hereto) to the extent required by Rule 433 under the Securities Act; and the Parent Guarantor will file promptly all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of the Prospectus and for so long as the delivery of a prospectus is required in connection with the offering or sale of the Debt Securities; and the Company will promptly furnish copies of the Prospectus and each Issuer Free Writing Prospectus (to the extent not previously delivered) to the Underwriters in such quantities as the Representatives may reasonably request. The Company or the Parent Guarantor will pay the registration fees for this offering within the time period required by Rule 456(b)(1)(i) under the Securities Act (without giving effect to the proviso therein) and in any event prior to the Closing Date.

(b) Delivery of Copies . The Company will deliver, without charge, (i) to the Representatives, signed copies of the Registration Statement as originally filed and each amendment thereto, in each case including all exhibits and consents filed therewith and documents incorporated by reference therein; and (ii) to each Underwriter (A) a conformed copy of the Registration Statement as originally filed and each amendment thereto (without exhibits) and (B) during the Prospectus Delivery Period (as defined below), as many copies of the Prospectus (including all amendments and supplements thereto and documents incorporated by reference therein)


and each Issuer Free Writing Prospectus as the Representatives may reasonably request. As used herein, the term “ Prospectus Delivery Period ” means such period of time after the first date of the public offering of the Debt Securities as in the opinion of counsel for the Underwriters a prospectus relating to the Debt Securities is required by law to be delivered (or required to be delivered but for Rule 172 under the Securities Act) in connection with sales of the Debt Securities by any Underwriter or dealer.

(c) Amendments or Supplements, Issuer Free Writing Prospectuses . Before preparing, using, authorizing, approving, referring to or filing any Issuer Free Writing Prospectus, and before filing any amendment or supplement to the Registration Statement or the Prospectus, the Company will furnish to the Representatives and counsel for the Underwriters a copy of the proposed Issuer Free Writing Prospectus, amendment or supplement for review and will not prepare, use, authorize, approve, refer to or file any such Issuer Free Writing Prospectus or file any such proposed amendment or supplement to which the Representatives reasonably objects.

(d) Notice to the Representatives . The Company will advise the Representatives promptly, and confirm such advice in writing, (i) when any amendment to the Registration Statement has been filed or becomes effective; (ii) when any supplement to the Prospectus or any Issuer Free Writing Prospectus or any amendment to the Prospectus has been filed or distributed; (iii) of any request by the Commission for any amendment to the Registration Statement or any amendment or supplement to the Prospectus or the receipt of any comments from the Commission relating to the Registration Statement or any other request by the Commission for any additional information; (iv) of the issuance by the Commission of (a) any notice of objection by the Commission to the use of the Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act or (b) any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package or the Prospectus or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities Act; (v) of the occurrence of any event or development within the Prospectus Delivery Period as a result of which the Prospectus, the Pricing Disclosure Package or any Issuer Free Writing Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus, the Pricing Disclosure Package or any such Issuer Free Writing Prospectus is delivered to a purchaser, not misleading; and (vi) of the receipt by the Company of any notice with respect to any suspension of the qualification of the Debt Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order suspending the effectiveness of the Registration Statement, preventing or suspending the use of any Preliminary Prospectus, any of the Pricing Disclosure Package or the Prospectus or suspending any such qualification of the Debt Securities and, if any such order is issued, will obtain as soon as possible the withdrawal thereof.

(e) Pricing Disclosure Package . If at any time the Pricing Disclosure Package is being used to solicit offers to buy the Debt Securities at a time when the Prospectus is not yet available to prospective purchasers, (i) any event or development shall occur or condition shall exist as a result of which the Pricing Disclosure Package as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the prospectus is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Pricing Disclosure Package to comply with law, the Company will immediately notify the Underwriters thereof and forthwith prepare and, subject to paragraph (c) above, file with the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate such amendments or supplements to the Preliminary Prospectus (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Pricing Disclosure Package as so amended or supplemented (including such documents to be incorporated by reference therein) will not, in the light of the circumstances under which they were made, be misleading or so that any of the Pricing Disclosure Package will comply with law.

(f) Ongoing Compliance . If during the Prospectus Delivery Period but for no more than 90 days (i) any event shall occur or condition shall exist as a result of which the Prospectus as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Prospectus to comply with law, the Parent Guarantor will immediately notify the Underwriters thereof and forthwith


prepare and, subject to paragraph (c) above, file with the Commission and furnish to the Underwriters and to such dealers as the Representatives may designate, such amendments or supplements to the Prospectus (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in the Prospectus as so amended or supplemented including such documents to be incorporated by reference will not, in the light of the circumstances existing when the Prospectus is delivered to a purchaser, be misleading or so that the Prospectus will comply with law.

(g) Blue Sky Compliance . The Company and the Parent Guarantor will qualify the Debt Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for distribution of the Debt Securities; provided that neither the Company nor the Parent Guarantor shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.

(h) Earning Statement . The Parent Guarantor will make generally available to its security holders and the Representatives as soon as practicable an earning statement that satisfies the provisions of Section 11(a) of the Securities Act provided that the Company will be deemed to have complied with such requirement by filing on EDGAR a report that satisfies the requirements for an “earnings statement” under Rule 158 of the Securities Act.

(i) Clear Market . During the period from the date hereof and continuing to and including the Closing Date, the Company and the Parent Guarantor will not offer, sell, contract to sell or otherwise dispose of any debt securities of the Company or the Parent Guarantor or warrants to purchase or otherwise acquire debt securities of the Company or the Parent Guarantor substantially similar to the Debt Securities (other than (i) the Debt Securities, (ii) commercial paper issued in the ordinary course of business or (iii) securities or warrants permitted with the prior written consent of the Representatives.

(j) Use of Proceeds . The Company will apply the net proceeds from the sale of the Debt Securities as described in each of the Pricing Disclosure Package and the Prospectus under the heading “Use of Proceeds”.

(k) DTC . The Company will assist the Underwriters in arranging for the Debt Securities to be eligible for clearance and settlement through DTC.

(l) No Stabilization . Neither the Company nor the Parent Guarantor will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Debt Securities (it being understood that the Company and the Parent Guarantor makes no representation as to the actions taken by or on behalf of any Underwriter in connection with the offering contemplated hereby).

(m) Exchange Listing . The Parent Guarantor will use its reasonable best efforts to list, subject to notice of issuance, the Debt Securities on the Global Exchange Market of the Irish Stock Exchange.

(n) Record Retention . The Company will, pursuant to reasonable procedures developed in good faith, retain copies of each Issuer Free Writing Prospectus that is not filed with the Commission in accordance with Rule 433 under the Securities Act.

5. Certain Agreements of the Underwriters . Each Underwriter hereby represents and agrees that:

(a) It has not used, authorized use of, referred to or participated in the planning for use of, and will not use, authorize use of, refer to or participate in the planning for use of, any “free writing prospectus,” as defined in Rule 405 under the Securities Act (which term includes use of any written information furnished to the Commission by the Company and not incorporated by reference into the Registration Statement and any press release issued by the Company) other than (i) a free writing prospectus that contains no “issuer information” (as


defined in Rule 433(h)(2) under the Securities Act) that was not included (including through incorporation by reference) in the Preliminary Prospectus or a previously filed Issuer Free Writing Prospectus, (ii) any Issuer Free Writing Prospectus listed on Annex A or prepared pursuant to Section 3(c) or Section 4(c) above (including any electronic road show), or (iii) any free writing prospectus prepared by such underwriter and approved by the Company in advance in writing (each such free writing prospectus referred to in clauses (i) or (iii), an “ Underwriter Free Writing Prospectus ”). Notwithstanding the foregoing, the Underwriters may use the Pricing Term Sheet referred to in Annex A hereto without the consent of the Company.

(b) It is not subject to any pending proceeding under Section 8A of the Securities Act with respect to the offering of the Debt Securities (and will promptly notify the Company if any such proceeding against it is initiated during the Prospectus Delivery Period).

6. Conditions of Underwriters’ Obligations . The obligation of each Underwriter to purchase Debt Securities on the Closing Date as provided herein is subject to the performance by the Company and the Parent Guarantor of their respective covenants and other obligations hereunder and to the following additional conditions:

(a) Registration Compliance; No Stop Order . No order suspending the effectiveness of the Registration Statement shall be in effect, and no proceeding for such purpose, pursuant to Rule 401(g)(2) or pursuant to Section 8A under the Securities Act shall be pending before or threatened by the Commission; the Prospectus and each Issuer Free Writing Prospectus shall have been timely filed with the Commission under the Securities Act (in the case of an Issuer Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and in accordance with Section 4(a) hereof; and all requests by the Commission for additional information shall have been complied with to the reasonable satisfaction of the Representatives.

(b) Representations and Warranties . The representations and warranties of the Company and the Parent Guarantor contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of the Company, the Parent Guarantor and their respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date.

(c) No Downgrade . Subsequent to the earlier of (A) the Applicable Time and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded to the Debt Securities or any other debt securities or preferred stock issued or guaranteed by the Company, the Parent Guarantor or any of the Parent Guarantor’s subsidiaries by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any such debt securities or preferred stock (other than an announcement with positive implications of a possible upgrading).

(d) No Material Adverse Change . No event or condition of a type described in Section 3(g) shall have occurred or shall exist, which event or condition is not described in each of the Pricing Disclosure Package (excluding any amendment or supplement thereto) and the Prospectus (excluding any amendment or supplement thereto) the effect of which in the judgment of the Representatives makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Debt Securities on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.

(e) Officers’ Certificates . (1) The Representatives shall have received on and as of the Closing Date, a certificate of the chief financial officer or chief accounting officer of the Parent Guarantor and one additional senior executive officer of the Parent Guarantor who is satisfactory to the Representatives (i) confirming that to the knowledge of such officers, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that the other representations and warranties of the Parent Guarantor in this Agreement are true and correct and that the Parent Guarantor has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date, and (iii) to the effect set forth in paragraphs (a), (c) and (d) above and (2) the Representatives shall have received on and as of the Closing Date, a certificate of the secretary of the Company(i) confirming that to the knowledge of such secretary, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that the other representations and warranties of the Company in this Agreement are true and correct and that the Company has complied with all agreements and satisfied all conditions on its part to be performed or satisfied hereunder at or prior to the Closing


Date, and (iii) to the effect set forth in paragraphs (a), (c) and (d) above. In addition, on the date of this Agreement and on the Closing Date, the Company and the Parent Guarantor shall have furnished to the Representatives a certificate, dated the respective dates of delivery thereof and addressed to the Underwriters, of its director, chief financial officer, general counsel or other authorized officer acceptable to the Representatives, in form and substance previously agreed among the Company, the Parent Guarantor and the Representatives.

(f) Comfort Letters . On the date of this Agreement and on the Closing Date, Ernst & Young LLP shall have furnished to the Representatives, at the request of the Company and the Parent Guarantor, letters, dated the respective dates of delivery thereof and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information contained or incorporated by reference in the Registration Statement, the Pricing Disclosure Package and the Prospectus; provided, that the letter delivered on the Closing Date, as the case may be, shall use a “cut-off” date no more than three business days prior to such Closing Date

(g) Opinion and 10b-5 Statement of US Counsel for the Company . (i) Fried, Frank, Harris, Shriver & Jacobson LLP, counsel for the Company and the Parent Guarantor, shall have furnished to the Representatives, at the request of the Company and the Parent Guarantor, their written opinion and 10b-5 statement, dated the Closing Date, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives, and (ii) Todd Kingma, general counsel for the Parent Guarantor, shall have furnished to the Representatives, at the request of the Company and the Parent, their written opinion, dated the Closing Date, as the case may be, and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives.

(h) Opinion of Irish Counsel for the Company . A&L Goodbody, Irish counsel for the Company and the Parent Guarantor, shall have furnished to the Representatives, at the request of the Company and the Parent Guarantor, their written opinion, dated the Closing Date and addressed to the Underwriters, in form and substance reasonably satisfactory to the Representatives.

(i) Opinion and 10b-5 Statement of Counsel for the Underwriters . The Representatives shall have received on and as of the Closing Date an opinion and 10b-5 statement of O’Melveny & Myers LLP, counsel for the Underwriters, with respect to such matters as the Representatives may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters.

(j) [Reserved]

(k) No Legal Impediment to Issuance . No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Debt Securities or the issuance of the Guarantee; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Debt Securities or the issuance of the Guarantee.

(l) Good Standing . The Representatives shall have received on and as of the Closing Date satisfactory evidence of the good standing of the Company and the Parent Guarantor in their respective jurisdictions of organization, in each case in writing or any standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions.

(m) DTC . The Debt Securities shall be eligible for clearance and settlement through DTC.

(n) Indenture and Debt Securities . The Supplemental Indenture shall have been duly executed and delivered by a duly authorized officer of the Company, the Parent Guarantor and the Trustee, and the Debt Securities (including the Guarantee) shall have been duly executed and delivered by a duly authorized officer of the Company and the Parent Guarantor and duly authenticated by the Trustee.


(o) Additional Documents . On or prior to the Closing Date, the Company and the Parent Guarantor shall have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request.

All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Underwriters.

7. Indemnification and Contribution .

(a) Indemnification of the Underwriters . The Company and the Parent Guarantor jointly and severally agree to indemnify and hold harmless each Underwriter, its affiliates, directors and officers and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, any legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (i) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, not misleading, or (ii) any untrue statement or alleged untrue statement of a material fact contained in the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus, any “issuer information” filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), or caused by any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Underwriter furnished to the Company in writing by such Underwriter through the Representatives expressly for use therein, it being understood and agreed that the only such information furnished by any Underwriter consists of the information described as such in subsection (b) below.

(b) Indemnification of the Company and the Parent Guarantor . Each Underwriter agrees, severally and not jointly, to indemnify and hold harmless the Company and the Parent Guarantor, each of their respective directors, their officers who signed the Registration Statement and each person, if any, who controls the Company or the Parent Guarantor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Underwriter furnished to the Company or the Parent Guarantor in writing by such Underwriter through the Representatives expressly for use in the Registration Statement, the Prospectus (or any amendment or supplement thereto), any Issuer Free Writing Prospectus, any road show or any Pricing Disclosure Package (including any Pricing Disclosure Package that has subsequently been amended), it being understood and agreed upon that the only such information furnished by any Underwriter consists of the following information in the Prospectus furnished on behalf of each Underwriter: the selling concession figures appearing in the first sentence of the fifth paragraph under the caption “Underwriting”, and the information contained in the ninth and tenth paragraphs under the caption “Underwriting”.

(c) Notice and Procedures . If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “ Indemnified Person ”) shall promptly notify the person against whom such indemnification may be sought (the “ Indemnifying Person ”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided , further , that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably


satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for any Underwriter, its affiliates, directors and officers and any control persons of such Underwriter shall be designated in writing by the Representatives and any such separate firm for the Company, the Parent Guarantor, their respective directors, their respective officers who signed the Registration Statement and any control persons of the Company and the Parent Guarantor shall be designated in writing by the Company and/or the Parent Guarantor. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

(d) Contribution . If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Parent Guarantor on the one hand and the Underwriters on the other from the offering of the Debt Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Parent Guarantor on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Parent Guarantor on the one hand and the Underwriters on the other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Company and the Parent Guarantor from the sale of the Debt Securities and the total underwriting discounts and commissions received by the Underwriters in connection therewith, in each case as set forth in the table on the cover of the Prospectus. The relative fault of the Company and the Parent Guarantor on the one hand and the Underwriters on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Parent Guarantor or by the Underwriters and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

(e) Limitation on Liability . The Company, the Parent Guarantor and the Underwriters agree that it would not be just and equitable if contribution pursuant to paragraph (d) above were determined by pro rata


allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of paragraphs (d) and (e), in no event shall an Underwriter be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter with respect to the offering of the Debt Securities exceeds the amount of any damages that such Underwriter has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters’ obligations to contribute pursuant to paragraphs (d) and (e) are several in proportion to their respective purchase obligations hereunder and not joint.

(f) Non-Exclusive Remedies . The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Person at law or in equity.

8. Effectiveness of Agreement . This Agreement shall become effective upon the execution and delivery hereof by the parties hereto.

9. Termination . This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Company, if after the execution and delivery of this Agreement and prior to the Closing Date (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange or The Nasdaq Stock Market; (ii) trading of any securities issued or guaranteed by the Parent Guarantor or the Company shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Debt Securities on the terms and in the manner contemplated by this Agreement, the Pricing Disclosure Package and the Prospectus.

10. Defaulting Underwriter .

(a) If, on the Closing Date, any Underwriter defaults on its obligation to purchase the Debt Securities that it has agreed to purchase hereunder, the non-defaulting Underwriters may in their discretion arrange for the purchase of such Debt Securities by other persons satisfactory to the Company on the terms contained in this Agreement. If, within 36 hours after any such default by any Underwriter, the non-defaulting Underwriters do not arrange for the purchase of such Debt Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Underwriters to purchase such Debt Securities on such terms. If other persons become obligated or agree to purchase the Debt Securities of a defaulting Underwriter, either the non-defaulting Underwriters or the Company may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Company or counsel for the Underwriters may be necessary in the Registration Statement, the Pricing Disclosure Package and the Prospectus or in any other document or arrangement, and the Company agrees to promptly prepare any amendment or supplement to the Registration Statement, the Pricing Disclosure Package and the Prospectus that effects any such changes. As used in this Agreement, the term “ Underwriter ” includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 10, purchases Debt Securities that a defaulting Underwriter agreed but failed to purchase.

(b) If, after giving effect to any arrangements for the purchase of the Debt Securities of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Debt Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Debt Securities, then the Company shall have the right to require each non-defaulting Underwriter to purchase the principal amount of Debt Securities that such Underwriter agreed to purchase hereunder plus such Underwriter’s pro rata share (based on the principal amount of Debt Securities that such Underwriter agreed to purchase hereunder) of the Debt Securities of such defaulting Underwriter or Underwriters for which such arrangements have not been made.


(c) If, after giving effect to any arrangements for the purchase of the Debt Securities of a defaulting Underwriter or Underwriters by the non-defaulting Underwriters and the Company as provided in paragraph (a) above, the aggregate principal amount of such Debt Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Debt Securities, or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Underwriters. Any termination of this Agreement pursuant to this Section 10 shall be without liability on the part of the Company or the Parent Guarantor, except that the Company and Parent Guarantor will continue to be liable for the payment of expenses as set forth in Section 11 hereof and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect.

(d) Nothing contained herein shall relieve a defaulting Underwriter of any liability it may have to the Company, the Parent Guarantor or any non-defaulting Underwriter for damages caused by its default.

11. Payment of Expenses .

(a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Company and the Parent Guarantor jointly and severally agree to pay or cause to be paid all costs and expenses incident to the performance of their respective obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Debt Securities and any taxes payable in that connection; (ii) the costs incident to the preparation, printing and filing under the Securities Act of the Registration Statement, the Preliminary Prospectus, any Issuer Free Writing Prospectus, any Pricing Disclosure Package and the Prospectus (including all exhibits, amendments and supplements thereto) and the distribution thereof; (iii) the fees and expenses of the Company’s and the Parent Guarantor’s counsel and independent accountants; (iv) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the Debt Securities under the state or foreign securities or blue sky laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for the Underwriters) not to exceed $15,000; (v) any fees charged by rating agencies for rating the Debt Securities; (vi) the fees and expenses of the Trustee and any paying agent (including related fees and expenses of any counsel to such parties); (vii) all expenses and application fees incurred in connection with any filing with, and clearance of the offering by, FINRA (including the related fees and expenses of counsel for the Underwriters), and the approval of the Debt Securities for book-entry transfer by DTC; (viii) the fees and expenses incurred in connection with the listing of the Securities on the Global Exchange Market of the Irish Stock Exchange; and (ix) all expenses incurred by the Company in connection with any “road show” presentation to potential investors.

(b) If (i) this Agreement is terminated pursuant to Section 9, (ii) the Company for any reason fails to tender the Debt Securities for delivery to the Underwriters or (iii) the Underwriters decline to purchase the Debt Securities for any reason permitted under this Agreement (other than pursuant to Section 9(i)), the Company and the Parent Guarantor jointly and severally agrees to reimburse the Underwriters for all out-of-pocket costs and expenses (including the reasonable fees and expenses of their counsel) reasonably incurred by the Underwriters in connection with this Agreement and the offering contemplated hereby.

12. Persons Entitled to Benefit of Agreement . This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and the officers and directors and any controlling persons referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Debt Securities from any Underwriter shall be deemed to be a successor merely by reason of such purchase.

13. Survival . The respective indemnities, rights of contribution, representations, warranties and agreements of the Company, the Parent Guarantor and the Underwriters contained in this Agreement or made by or on behalf of the Company, the Parent Guarantor or the Underwriters pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Debt Securities and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company, the Parent Guarantor or the Underwriters.


14. Certain Defined Terms . For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on which banks are permitted or required to be closed in New York City; and (c) the term “subsidiary” has the meaning set forth in Rule 405 under the Securities Act.

15. Miscellaneous .

(a) Authority of the Representatives . Any action by the Underwriters hereunder may be taken by HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, on behalf of the Underwriters, and any such action taken by HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, shall be binding upon the Underwriters.

(b) Notices . All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Underwriters shall be given to the Representatives c/o HSBC Securities (USA) Inc., 452 5th Avenue, New York, New York 10018 (Facsimile: (212) 525-0238) Attention: Transaction Management Americas, Merrill Lynch, Pierce, Fenner & Smith Incorporated, 50 Rockefeller Plaza, NY1-050-12-01, New York, New York 10020 (fax: (212) 901-7881); Attention: High Grade Debt Capital Markets Transaction Management/Legal and Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, Attention: Investment Banking Division, with a copy to the Legal Department. Notices to the Company shall be given to it at Perrigo Company, 515 Eastern Avenue, Allegan, Michigan 49010 (fax: (269) 673-8451); Attention: Todd Kingma with a copy, which shall not constitute notice, to Fried, Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York 10004, (fax: (212) 859-4000), Attention: Stuart Gelfond.

(c) Governing Law . This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed in such state

(d) Judgment Currency . The Company and the Parent Guarantor jointly and severally agree to indemnify each Underwriter, its directors, officers, affiliates and each person, if any, who controls such Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against any loss incurred by such Underwriter as a result of any judgment or order being given or made for any amount due hereunder and such judgment or order being expressed and paid in a currency (the “ judgment currency ”) other than U.S. dollars and as a result of any variation as between (i) the rate of exchange at which the U.S. dollar amount is converted into the judgment currency for the purpose of such judgment or order, and (ii) the rate of exchange at which such indemnified person is able to purchase U.S. dollars with the amount of the judgment currency actually received by the indemnified person. The foregoing indemnity shall constitute a separate and independent obligation of the Company and the Parent Guarantor and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “rate of exchange” shall include any premiums and costs of exchange payable in connection with the purchase of, or conversion into, the relevant currency.

(e) Waiver of Immunity . To the extent that either the Company and the Parent Guarantor has or hereafter may acquire any immunity (sovereign or otherwise) from jurisdiction of any court of (i) Ireland or any political subdivision thereof, (ii) the United States or the State of New York, (iii) any jurisdiction in which it owns or leases property or assets or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution, set-off or otherwise) with respect to themselves or their respective property and assets or this Agreement, the Company and the Parent Guarantor each hereby irrevocably waives such immunity in respect of its obligations under this Agreement to the fullest extent permitted by applicable law.

(f) Submission to Jurisdiction . Each of the Company and the Parent Guarantor hereby submits to the exclusive jurisdiction of the U.S. federal and New York state courts in the Borough of Manhattan in the City of New York in any suit or proceeding arising out of or relating to this Agreement or the transactions


contemplated hereby. Each of the Company and the Parent Guarantor waives any objection which it may now or hereafter have to the laying of venue of any such suit or proceeding in such courts. Each of the Company and the Parent Guarantor agrees that final judgment in any such suit, action or proceeding brought in such court shall be conclusive and binding upon the Company and the Parent Guarantor and may be enforced in any court to the jurisdiction of which the Company and Parent Guarantor is subject by a suit upon such judgment. Each of the Company and the Parent Guarantor irrevocably appoints Perrigo Company, located at 515 Eastern Avenue, Allegan, Michigan 49010, as its authorized agent upon which process may be served in any such suit or proceeding, and agrees that service of process upon such authorized agent, and written notice of such service to the Company and the Parent Guarantor by the person serving the same to the address provided in this Section 15(f), shall be deemed in every respect effective service of process upon each of the Company and the Parent Guarantor in any such suit or proceeding. Each of the Company and the Parent Guarantor hereby represents and warrants that such authorized agent has accepted such appointment and has agreed to act as such authorized agent for service of process. Each of the Company and the Parent Guarantor further agrees to take any and all action as may be necessary to maintain such designation and appointment of such authorized agent in full force and effect for a period of seven years from the date of this Agreement.

(g) Counterparts . This Agreement may be signed in counterparts (which may include counterparts delivered electronically or by any other standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.

(h) Amendments or Waivers . No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

(i) Headings . The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.


If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.

 

Very truly yours,
Perrigo Finance Unlimited Company
By  

/s/ Lou Cherico

  Title: Treasurer
Perrigo Company plc
By  

/s/ Judy L. Brown

  Title: Executive Vice President and Chief Financial Officer

 

Accepted: March 7, 2016
HSBC SECURITIES (USA) INC.
By  

/s/ Diane M. Kenna

  Authorized Signatory
MERRILL LYNCH, PIERCE, FENNER & SMITH
                              INCORPORATED
By  

/s/ Douglas Muller

  Authorized Signatory
MORGAN STANLEY & CO. LLC
By  

/s/ Yurij Slyz

  Authorized Signatory

For themselves and on behalf of the several

Underwriters listed in Schedule 1 hereto.


Schedule 1

 

Underwriter

   Principal Amount of 2021
Notes to be Purchased
     Principal Amount of 2026
Notes to be Purchased
 

HSBC Securities (USA) Inc.

   $ 125,000,000       $ 175,000,000   

Merrill Lynch, Pierce, Fenner & Smith

                      Incorporated

   $ 125,000,000       $ 175,000,000   

Morgan Stanley & Co. LLC

   $ 125,000,000       $ 175,000,000   

Barclays Capital Inc.

   $ 20,000,000       $ 28,000,000   

Citigroup Global Markets Inc.

   $ 20,000,000       $ 28,000,000   

Credit Suisse Securities (USA) LLC

   $ 20,000,000       $ 28,000,000   

J.P. Morgan Securities LLC

   $ 20,000,000       $ 28,000,000   

Wells Fargo Securities, LLC

   $ 20,000,000       $ 28,000,000   

BNP Paribas Securities Corp.

   $ 10,000,000       $ 14,000,000   

Mizuho Securities USA Inc.

   $ 10,000,000       $ 14,000,000   

Fifth Third Securities, Inc.

   $ 5,000,000       $ 7,000,000   
  

 

 

    

 

 

 

Total

   $ 500,000,000       $ 700,000,000   
  

 

 

    

 

 

 


Annex A

 

    Pricing Term Sheet, dated March 7, 2016, substantially in the form of Annex B.


Annex B

PERRIGO FINANCE UNLIMITED COMPANY

Pricing Term Sheet

March 7, 2016

 

Issuer:    Perrigo Finance Unlimited Company
Guarantor:    Perrigo Company plc
Security:    3.500% Senior Notes due 2021 (the “2021 Notes”)
   4.375% Senior Notes due 2026 (the “2026 Notes”)
Principal Amount:    $500,000,000 2021 Notes
   $700,000,000 2026 Notes
Maturity:    March 15, 2021, with respect to the 2021 Notes
   March 15, 2026, with respect to the 2026 Notes
Coupon:    3.500%, with respect to the 2021 Notes
   4.375%, with respect to the 2026 Notes
Issue Price:    99.908%, with respect to the 2021 Notes
   99.751%, with respect to the 2026 Notes
Yield to Maturity:    3.520%, with respect to the 2021 Notes
   4.406%, with respect to the 2026 Notes
Benchmark Treasury:    1.125% due February 28, 2021, with respect to the 2021 Notes
   1.625% due February 15, 2026, with respect to the 2026 Notes

Spread to Benchmark

Treasury:

   210 bps, with respect to the 2021 Notes
   250 bps, with respect to the 2026 Notes

Benchmark Treasury

Price and Yield:

   98-18 3 / 4 and 1.420%, with respect to the 2021 Notes
   97-15 and 1.906%, with respect to the 2026 Notes


Interest Payment Dates:    Interest on each series of notes is payable semi-annually in arrears on March 15 and September 15 of each year, commencing September 15, 2016.
Optional Redemption:   

Adjusted Treasury Rate plus 35 bps, in case of the 2021 Notes

Adjusted Treasury Rate plus 40 bps, in case of the 2026 Notes

  

 

In addition, the Issuer may redeem all or part of the 2021 Notes on or after February 15, 2021 (one month prior to the maturity date) and the 2026 Notes on or after December 15, 2025 (three months prior to the maturity date), in each case, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest, to, but excluding, the redemption date.

Trade Date:    March 7, 2016

Expected Settlement

Date (T+3):

   March 10, 2016
CUSIP/ISIN:    71429M AA3/ US71429MAA36, 2021 Notes
   71429M AB1/ US71429MAB19, 2026 Notes

Minimum

Denominations:

   $200,000 and integral multiples of $1,000 in excess thereof

Joint Book-Running

Managers:

  

HSBC Securities (USA) Inc.

Merrill Lynch, Pierce Fenner & Smith

                     Incorporated

   Morgan Stanley & Co. LLC
Co-Managers:   

Barclays Capital Inc.

Citigroup Global Markets Inc.

Credit Suisse Securities (USA) LLC

J.P. Morgan Securities LLC

Wells Fargo Securities, LLC

BNP Paribas Securities Corp.

Mizuho Securities USA Inc.

Fifth Third Securities, Inc.


The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling HSBC Securities (USA) Inc. toll-free at 1 866-811-8049, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1 800-294-1322 and Morgan Stanley & Co. toll-free at 1 866-718-1649.

This communication does not constitute an offer to sell the notes and is not a solicitation of an offer to buy the notes in any jurisdiction where the offer or sale is prohibited, where the person making the offer is not qualified to do so, or to any person who cannot legally be offered the securities.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg email or another communication system.

Exhibit 3.1

 

                10270973/1    DUPLICATE FOR THE FILE
Number 392565    LOGO
                               1723803

Certificate of Incorporation

PUC - Public Unlimited Company

I hereby certify that

PERRIGO FINANCE UNLIMITED COMPANY

formerly registered as PLC - Public Limited Company

has this day been re-registered under the Companies

Act 2014 as PUC - Public Unlimited Company

Given under my hand at Dublin, this

Thursday, the 29th day of October, 2015

 

LOGO

for Registrar of Companies

 

Certificate handed to/:   

A & L Goodbody

International Financial Services Centre,

North Wall Quay,

Dublin I.

 

Signed:   LOGO    Date: 29 th October 2015

 

* Delete as appropriate


                9470248/1    DUPLICATE FOR THE FILE
Number 392565    LOGO
                               1608314

Certificate of Incorporation

on change of name

I hereby certify that

ELAN FINANCE PUBLIC LIMITED COMPANY

having, by a Special Resolution of the Company,

and with the approval of the Registrar of Companies,

changed its name, is now incorporated as

a limited company under the name

PERRIGO FINANCE PUBLIC LIMITED COMPANY

and I have entered such name on the Register accordingly.

Given under my hand at Dublin, this

Tuesday, the 4th day of November, 2014

 

LOGO

for Registrar of Companies

 

Certificate handed to/posted to *:

 

LOGO

  

Niall Kavanagh

Perrigo Company, Plc

Treasury Building

Lower Grand Canal Street

Dublin 2

 

Signed:                                   Date:                                 

 

* Delete as appropriate


                4022837/1

 

Number 392565

   DUPLICATE FOR THE FILE

Certificate of Incorporation

I hereby certify that

ELAN FINANCE PUBLIC LIMITED COMPANY

is this day incorporated under

the Companies Acts 1963 to 2003.

and that the company is limited.

Given under my hand at Dublin, this

 

Tuesday, the 19th day of October, 2004

 

 

LOGO

 

for Registrar of Companies

 

Certificate handed to/:   

Goodbody Secretarial

International Financial Services Centre

25/28 North Wall

Dublin 1

 

Signed:   LOGO    Date: 20 th October 2004

 

* Delete as appropriate

Exhibit 3.2

 

  

“X”

 

COMPANIES ACT 2014

   LOGO

 

 

PUBLIC UNLIMITED COMPANY HAVING A SHARE CAPITAL

 

 

CONSTITUTION

OF

PERRIGO FINANCE UNLIMTED COMPANY

A&L GOODBODY

SOLICITORS

 

1


COMPANIES ACT 2014

 

 

PUBLIC UNLIMITED COMPANY HAVING A SHARE CAPITAL

 

 

CONSTITUTION

OF

PERRIGO FINANCE UNLIMITED COMPANY

 

 

MEMORANDUM OF ASSOCIATION

 

1. The name of the Company is: PERRIGO FINANCE UNLIMITED COMPANY.

 

2. The Company is a public unlimited company having a share capital, registered under Part 19 of the Companies Act 2014.

 

3. The objects for which the Company is established are:

 

3.1. To carry on the business of issuing, selling, buying and dealing generally in bonds, commercial paper, promissory notes, obligations, certificates of deposit, treasury bills, trade bills, bills of exchange, bills of lading, bank acceptances, options, options certificates, futures, annuities, interests in property, monetary instruments, shares, stocks debentures, debenture stock (perpetual or otherwise), letters of credit, circular notes, financial and investment instruments and all other instruments and securities of all kinds, whether or not transferable or negotiable, whether issued at a premium or a discount, with or without interest, secured or unsecured or on such other terms as the Directors may from time to time in their absolute discretion determine.

 

3.2. To carry out all types of financing and refinancing in any currency whatsoever and to carry out financing and refinancing of every description, whether asset based or not including, without limitation, financing and refinancing of financial assets, with or without security, financing or refinancing by way of loans, acceptances credits, issuance of commercial paper, bank placements, leasing, hire-purchase, bailment, rental, purchase and sale, conditional sale, credit sale, assignment, novation, factoring, discounting, securitisation, unitisation, project financing, participation or sub-participation for persons wherever situate in any currency whatsoever.

 

3.3.

To carry on the business of a holding company and for such purpose to acquire and hold, either in the name of the Company or in the name of any nominee or agent, any shares, stocks, bonds debentures or debenture stock (whether perpetual or not), loan stock, notes, obligations or any other securities or assets of any kind, whether corporeal or incorporeal, (in this paragraph referred to as “Securities”) issued or guaranteed by any company and similarly to acquire and hold as aforesaid any Securities issued or guaranteed by any government, state, ruler, commissioners, or other public body or authority (and whether sovereign, dependent, national, regional, local or municipal), and to acquire any Securities by original subscription, contract, tender, purchase, exchange, underwriting, participation in


  syndicates or otherwise and whether or not fully paid up, and to subscribe for the same subject to such terms and conditions (if any) as may be thought fit and to exercise and enforce all rights and powers conferred by or incident to the ownership of any Securities including, without limitation, all such powers of veto or control as may be conferred by virtue of the holding by the Company of some special proportion of the issued or nominal amount thereof.

 

3.4. As an object of the Company and as a pursuit in itself or otherwise, and whether for the purpose of making a profit or avoiding a loss or for any other purchase whatsoever (whether or not the Company derives any benefit therefrom), to engage in currency exchange and interest rate transactions and any other financial or other transactions of whatever nature, including (without limiting the foregoing) any transaction for the purposes of, or capable of being for the purposes of, avoiding, reducing, minimising, hedging against or otherwise managing the risk of any loss, cost, expense or liability existing, or which may arise, directly or indirectly, from a change or changes in any interest rate or currency exchange rate or in the price or value of any property, asset, commodity, index or liability or from any other risk or factor, including but not limited to dealings, whether involving purchases, sales or otherwise, in foreign and Irish currency, spot and forward exchange rate contracts, forward rate agreements, caps, floors and collars, futures, options, swaps, and any other currency interest rate and other hedging arrangements and such other instruments as are similar to, or derivatives of, any of the foregoing.

 

3.5. To guarantee, indemnify, support or secure, whether by personal covenant or by mortgaging or charging all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company, or by both such methods, the performance of the obligations of, and the repayment or payment of the principal amounts of and premiums, interest and dividends on any securities of, any person, firm or company, including (without prejudice to the generality of the foregoing) any company which is for the time being the Company’s holding company or another subsidiary of the Company’s holding company or otherwise associated with the Company in business and whether or not the Company receives any consideration, benefit or advantage therefore.

 

3.6. As a separate and independent object to make voluntary dispositions of all or any part of the property and rights of the Company and to make gifts thereof or gratuitous payments either for no consideration or for a consideration less than the market value of such property or rights or the amount of such payment, or by all or any such methods.

 

3.7. To remunerate any person or company for services rendered or to be rendered in placing or assisting to place or guaranteeing the placing of any of the shares in the Company’s capital or any debentures, debenture stock or other securities of the Company, or in or about the formation or promotion of the Company or the conduct of its business and to pay out of the funds of the Company all expenses which the Company may lawfully pay in respect of or incidental to the formation, registration and advertising of or raising money for the Company and the issue of its capital, or for contributing to or assisting any issuing house or firm or person, either issuing or purchasing, with a view to issuing all or any part of the Company’s capital, in connection with the advertising or offering the same for sale or subscription, including brokerage and commissions for obtaining applications for or taking, placing, underwriting or procuring the underwriting of shares, debentures or debenture stock.

 

3.8. To carry on any other business, except the issuing of policies of insurance, which may seem to the Company capable of being conveniently carried on in connection with the above, or calculated directly or indirectly to enhance the value of or render profitable any of the Company’s property or rights.

 

3.9. To invest any monies of the Company in such investments and in such manner as may from time to time be determined, and to hold, sell or deal with such investments and generally to purchase, take on lease or in exchange or otherwise acquire any real and personal property and rights or privileges.

 

3.10. To subscribe for, take, purchase or otherwise acquire and hold shares or other interests in, or securities of any other company having objects altogether or in part similar to those of this Company or carrying on any business capable of being carried on so as, directly or indirectly, to benefit this Company.


3.11. To develop and turn to account any land acquired by the Company or in which it is interested and in particular by laying out and preparing the same for building purposes, constructing, altering, pulling down, decorating, maintaining, fitting up and improving buildings and conveniences, and by planting, paving, draining, farming, cultivating, letting on building lease or building agreement and by advancing money to and entering into contracts and arrangements of all kinds with builders, tenants and others.

 

3.12. To acquire and undertake the whole or any part of the business, property, goodwill and assets of any person, firm or company carrying on or proposing to carry on any of the businesses which the Company is authorised to carry on, or which can be conveniently carried on in connection with the same, or may seem calculated directly or indirectly to benefit the Company.

 

3.13. To employ the funds of the Company in the development and expansion of the business of the Company and all or any of its subsidiary or associated companies and in any other company whether now existing or hereafter to be formed and engaged in any like business of the Company or any of its subsidiary or associated companies or of any other industry ancillary thereto or which can conveniently be carried on in connection therewith.

 

3.14. To lend money to such persons or companies either with or without security and upon such terms as may seem expedient.

 

3.15. To borrow or otherwise raise money or carry out any other means of financing, whether or not by the issue of stock or other securities, and to enter into or issue interest and currency hedging and swap agreements, forward rate agreements, interest and currency futures or options and other forms of financial instruments, and to purchase, redeem or pay off any of the foregoing.

 

3.16. To secure the payment of money or other performance of financial obligations in such manner as the Company shall think fit, whether or not by the issue of debentures or debenture stock, perpetual or otherwise, charged upon all or any of the Company’s property, present or future, including its uncalled capital.

 

3.17. To adopt such means of making known the Company and its products and services as may seem expedient.

 

3.18. To sell, improve, manage, develop, exchange, lease, mortgage, enfranchise, dispose of, turn to account or otherwise deal with all or any part of the property, undertaking, rights or assets of the Company and for such consideration as the Company might think fit. Generally to purchase, take on lease or in exchange or otherwise acquire any real and personal property and rights or privileges.

 

3.19. To acquire and carry on any business carried on by a subsidiary or a holding company of the Company or another subsidiary of a holding company of the Company.

 

3.20. To provide services of any kind including the carrying on of advisory, consultancy, brokerage and agency business of any kind.

 

3.21. To guarantee, grant indemnities in respect of, support or secure, whether by personal covenant or by mortgaging or charging all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company, or by both such methods, the performance of the contracts or obligations of and the repayment or payment of the principal amounts of and premiums, interest and dividends on any securities of any person, firm or company, including (without prejudice to the generality of the foregoing) any company which is for the time being the Company’s holding company as defined by the Companies Act 2014 or another subsidiary, as defined by the Companies At 2014, of the Company’s holding company or otherwise associated with the Company in business notwithstanding the fact that the Company may not receive any consideration, advantage or benefit, direct or indirect from entering into such guarantee or other arrangement or transaction contemplated herein.

 

3.22. To amalgamate with any other company.


3.23. To apply for, purchase or otherwise acquire any patents, brevets d’invention, licences, trade marks, technology and know-how and the like conferring any exclusive or non-exclusive or limited right to use or any secret or other information as to any invention or technology which may seem capable of being used, for any of the purposes of the Company or the acquisition of which may seem calculated directly or indirectly to benefit the Company, and to use, exercise, develop or grant licences in respect of or otherwise turn to account the property rights or information so acquired.

 

3.24. To enter into partnership or into any arrangement for sharing profits, union of interests, co-operation, joint venture or otherwise with any person or company or engage in any business or transaction capable of being conducted so as directly or indirectly to benefit the Company.

 

3.25. To grant pensions or gratuities (to include death benefits) to any officers or employees or ex-officers or ex-employees of the Company, or its predecessors in business or the relations, families or dependants of any such persons, and to establish or support any non-contributory or contributory pension or superannuation funds, any associations, institutions, clubs, buildings and housing schemes, funds and trusts which may be considered calculated to benefit any such persons or otherwise advance the interests of the Company or of its members.

 

3.26. To promote any company or companies for the purpose of acquiring all or any of the property and liabilities of this Company or for any other purpose which may seem directly or indirectly calculated to benefit this Company.

 

3.27. To remunerate any person or company for services rendered or to be rendered in placing or assisting to place or guaranteeing the placing of any of the shares in the Company’s capital or any debentures, debenture stock or other securities of the Company, or in or about the formation or promotion of the Company or the conduct of its business.

 

3.28. To draw, make, accept, endorse, discount, execute and issue promissory notes, bills of exchange, bills of lading, warrants, debentures, letters of credit and other negotiable or transferable instruments.

 

3.29. To undertake and execute any trusts the undertaking whereof may seem desirable, whether gratuitously or otherwise.

 

3.30. To procure the Company to be registered or recognised in any country or place.

 

3.31. To promote freedom of contract and to counteract and discourage interference therewith, to join any trade or business federation, union or association, with a view to promoting the Company’s business and safeguarding the same.

 

3.32. To do all or any of the above things in any part of the world as principal, agent, contractor, trustee or otherwise, and by or through trustees, agents or otherwise and either alone or in conjunction with others.

 

3.33. To distribute any of the property of the Company in specie among the members.

 

3.34. To do all such other things as the Company may think incidental or conducive to the attainment of the above objects or any of them.

NOTE A: The objects specified in each paragraph of this clause shall, except where otherwise expressed in such paragraph, be in no wise limited or restricted by reference to, or inference from, the terms of any other paragraph.

NOTE B: It is hereby declared that the word “company” in this clause, except where used in reference to this Company, shall be deemed to include any person, partnership or other body of persons whether incorporated or not incorporated and whether domiciled in Ireland or elsewhere.

 

4. The share capital of the Company is €100,000 divided into 100,000 shares of €1.00 each.

 

5. The liability of the members is unlimited.


ARTICLES OF ASSOCIATION

The following Regulations shall apply to the company:

 

1. Preliminary, Definitions and Interpretation:

 

1.1. In these Articles, unless the context otherwise requires;

Act means the Companies Act 2014;

committee means a committee established by the directors which may consist in whole or in part of members of the board of directors of the company;

director means a director for the time being of the company or a director present at a meeting of the board of directors and includes any person occupying the position of director by whatever name called, and directors means all of such persons;

the seal means the common seal of the company;

the register means the register of members to be kept as required by Section 169 of the Act and registered address means the address of a member as entered in the register;

Ireland means Ireland excluding Northern Ireland.

 

1.2. The provisions of the Companies Act 2014 which are stated therein to apply to a public unlimited company having a share capital, save to the extent that its constitution is permitted to provide or state otherwise, will apply to the company subject to the alterations contained in these Articles, and will, so far as not inconsistent with these Articles, bind the company and the members.

 

1.3. Unless the contrary is clearly stated, references to the Act or to any other enactment (including any subordinate legislation) or any section or provision thereof shall mean the Act or such enactment, subordinate legislation, section or provision (as the case may be), as the same may be consolidated, amended, extended, modified, supplemented or re-enacted (whether before or after the date hereof) from time to time and may be for the time being in force.

 

1.4. Unless specifically defined in these Articles or the context otherwise requires, words or expressions contained in this Constitution and not specifically defined herein shall bear the same meanings as in the Act, but excluding any statutory modification thereof not in force when this Constitution became binding on the company and the members.

 

1.5. Reference to any document includes that document as amended or supplemented from time to time.

 

1.6. Unless the context otherwise requires, expressions in these Articles referring to writing shall be construed, unless the contrary intention appears, as including references to printing, lithography, photography and to writing in electronic form and any other modes of representing or reproducing words in a visible form, and expressions in these Articles referring to execution of any document shall include any mode of execution whether under seal or under hand.

 

1.7. Unless the context otherwise requires, words importing the singular include the plural and vice versa, words importing the masculine include the feminine, and words importing persons include corporations.

 

1.8. Headings are inserted for convenience only and do not affect the construction or interpretation of these Articles.

 

1.9. Unless the context otherwise requires, reference to Articles and to paragraphs are to these Articles and the paragraphs of these Articles.


2. Company Seal : Without prejudice to the provisions of the Act in relation to the use of the seal of a company, any registered person authorised by the board of directors of the company in accordance with the applicable provisions of the Act will be entitled to use the seal of the company and may sign or countersign an instrument to which the seal is affixed, and an alternate who is not also a director will also be entitled to sign or countersign an instrument to which the seal is affixed, as if he were the director who appointed him.

 

3. Official Seal : The company may have for use in any place abroad an official seal which shall resemble the seal of the company with the addition on its face of the name of every place abroad where it is to be used.

 

4. Share Capital:

 

4.1. The authorised share capital of the company is € 100,000 divided into 100,000 shares of €1.00 each

 

4.2. The company may, by special resolution, do any one or more of the following from time to time-

 

  (a) consolidate and divide all or any of its shares into shares of a larger nominal value than its existing shares;

 

  (b) subdivide its shares, or any of them, into shares of a smaller nominal value;

 

  (c) increase the nominal value of any of its shares by the addition to them of any undenominated capital;

 

  (d) reduce the nominal value of any of its shares by the deduction from them of any part of that value, subject to the crediting of the amount of the deduction to undenominated capital, other than the share premium account;

 

  (e) convert any undenominated capital into shares for allotment as bonus shares to holders of existing shares;

 

  (f) increase its share capital by new shares of such amount as it thinks expedient; or

 

  (g) cancel shares of its share capital which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

 

4.3. The company may, by special resolution, reduce its company capital in any way it thinks expedient and, without prejudice to the generality of the foregoing, may thereby-

 

  (a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up;

 

  (b) either with or without extinguishing or reducing liability on any of its shares, cancel any paid up company capital which is lost or unrepresented by available assets; or

 

  (c) either with or without extinguishing or reducing liability on any of its shares, pay off any paid up company capital which is in excess of the wants of the company,

provided that a resolution shall not be valid for the purposes of this Article if it would have the effect that the company no longer has any members.

 

4.4. The rights conferred upon the holders of shares of any class with preferred or other rights issued by the company shall not, unless otherwise expressly provided by the terms of issue of the shares of that class, be deemed to be varied by the creation or issue of further shares ranking pari passu therewith.


5. Authority to Allot Shares:

 

5.1. The directors are generally and unconditionally authorised pursuant to Section 1021 of the Act to exercise all powers of the company to allot relevant securities (within the meaning of the said Section 1021) up to the amount of the authorised but unissued share capital of the company as at the date of the adoption of these Articles. The authority hereby conferred shall expire on the date falling five years from the date of adoption of these Articles unless previously renewed, varied or revoked, provided that the company may make an offer or agreement before the expiry of the authority hereby conferred which would or might require any such relevant securities to be allotted after such authority has expired and the directors may allot relevant securities in pursuance of any such offer or agreement as if the said authority had not expired.

 

5.2. Section 1022(1) of the Act is hereby excluded in its application in relation to all allotments of equity securities, as defined by Section 1023 of the Act.

 

5.3. The directors may execute and do all such documents, acts and things as in their opinion are necessary or desirable in order to give effect to the authority conferred by this Article.

 

6. Dividends

 

6.1. The company may, by ordinary resolution, declare dividends, but no dividend may exceed the amount recommended by the directors.

 

6.2. The directors may from time to time pay to the members, or a particular member, interim dividends as appear to the directors to be justified by the profits of the company.

 

6.3. An ordinary resolution or a resolution of the directors of the company declaring a dividend, interim dividend or bonus may direct payment of such dividend, interim dividend or bonus wholly or partly by the distribution of cash or specific assets.

 

6.4. No dividend shall bear interest against the company.

 

7. Transfer of Shares:

 

7.1. The instrument of transfer of any share shall be executed by or on behalf of the transferor and the transferee.

 

7.2. Without prejudice to the powers of the directors under Section 95(2) of the Act, the directors may, in their absolute discretion, and without giving any reason for doing so, decline to register any transfer of any share, whether or not it is a fully paid share. The restriction on the power to decline to register a transfer of shares contained in Section 95(1)(b) of the Act shall not apply.

 

8. Transmission of Shares by Operation of Law in Consequence of a Merger:

 

8.1. In any case in which any share or shares in the company (Relevant Shares ) which are held by another company or body corporate, wherever incorporated (the Corporate Member ), is or are transmitted by operation of law in consequence of a merger involving the Corporate Member and one or more other companies (including the company) or bodies corporate, wherever incorporated, and which is put into effect in accordance with the provisions in that regard contained in the Act, in the European Communities (Cross-Border Mergers) Regulations 2008 (S.I. No. 157 of 2008) (as amended), or in any other applicable law or other enactment ( a merger ) and if, in any such case, the provisions of Section 480(6) of the Act are not applicable for any reason, a transfer of the Relevant Shares may be validly effected in accordance with the following provisions of this Article.

 

8.2.

In any case as is mentioned in the foregoing paragraph 8.1 of this Article, any person who is or who becomes entitled to any Relevant Shares in consequence of any such merger (a Relevant Person ) may, subject always to paragraph 8.3 of this Article, upon such evidence being produced as may from time to time be required by the directors of the company (including without limitation any information


  and documentation relating to the merger and the title and other rights of the Relevant Person to the Relevant Shares arising as a result thereof) elect either to be registered himself in the register as holder of the Relevant Shares, or, to the extent permitted by law, to have some person nominated by him (being a person who consents to be so registered) registered in the register as the transferee thereof.

 

8.3. The directors of the company shall, in either of those cases, have the same rights under the Act or these Articles to decline or suspend registration as they would have had in the case of a transfer of the Relevant Shares by the Corporate Member before the merger was put into effect as aforesaid.

 

8.4. If the Relevant Person elects to be so registered himself, the Relevant Person shall furnish to the company a notice in writing signed by him stating that he or she so elects, and if the Relevant Person elects, to the extent permitted by law, to have another person registered instead, the Relevant Person shall testify his or her election by executing in favour of that other person a transfer of the Relevant Shares.

 

8.5. All the limitations, restrictions and provisions contained in the Act or in these Articles relating to the right to transfer and the registration of a transfer of a share shall be applicable to a notice or transfer referred to in paragraph 8.4 of this Article as if the merger had not occurred and the notice or transfer were a transfer signed by the Corporate Member.

 

8.6. Subject to paragraph 8.7 of this Article, the Relevant Person (or any other person nominated by him, to the extent permitted by law, in accordance with the foregoing provisions of this Article) shall, on and from the effective date of the merger, be entitled to the same dividends, bonus and other monies payable in respect of the Relevant Shares and other advantages to which he would be entitled if he was the registered holder of the Relevant Shares but shall not, before being registered as a member in respect of the Relevant Shares, be entitled in respect of them to exercise any rights conferred by membership in relation to meetings of the company.

 

8.7. The directors of the company may at any time serve a notice on any Relevant Person requiring the Relevant Person to make the election, to the extent permitted by law, provided for by paragraph 8.2 of this Article and, if the person does not make that election (and proceed to do, consequent on that election, whichever of the things mentioned in paragraph 8.4 of this Article is appropriate) within 90 days after the service of the notice, the directors may thereupon withhold payment of all dividends, bonuses or other monies payable in respect of the Relevant Shares until the requirements of the notice have been complied with.

 

8.8. The company may charge a fee not exceeding €10 on the registration of any person entitled to a share in consequence of a merger in accordance with the foregoing provisions of this Article.

 

8.9. The provisions of this Article shall be subject to any order made by a court having lawful jurisdiction in respect of a merger.

 

9. Acquisition of Own Shares: Subject to (and without prejudice to) the provisions of the Act, the company may acquire its own shares by purchase, or in the case of redeemable shares, by redemption or purchase, on such terms (including as to the consideration for, and the timing of, any such purchase or redemption) and in such a manner as shall be determined by the directors in their absolute discretion.

 

10. Number of Directors : The company shall have at least two directors. No director who has been appointed by the directors, as permitted by the Act, will require to be re-elected at the next following annual general meeting or at any extraordinary general meeting following such appointment.

 

11. Committees of Directors : The meetings and proceedings of any committee formed by the directors will be governed by the provisions set out in the Act regulating the meetings and proceedings of directors so far as the same are applicable and are not superseded by any regulations imposed on such committee by the directors from time to time.


12. Vacation of Office of Director:

 

12.1. The office of a director shall, in addition to the circumstances in which it shall be vacated described in Section 136 ( share qualification, if applicable ) and Section 148(1) ( bankruptcy and disqualification ) , also be vacated automatically if the director dies in office, or if the director:

 

  12.1.1. becomes subject to a declaration of restriction made pursuant to Chapter 3 of Part 14 of the Act; or

 

  12.1.2. is sentenced to a term of imprisonment following conviction of any indictable offence, unless the term of imprisonment is suspended, such that he is not imprisoned in respect of the offence; or

 

  12.1.3. is absent for more than six consecutive months without the permission of the directors from meetings of the directors or any committee thereof held during that period and his alternate director (if any) shall not have attended any such meetings in his place during such period, and his co-directors resolve that, by reason of such absence, he has vacated his office; or

 

  12.1.4. is removed from office by notice in writing served upon him signed by all his co-directors (any such removal being deemed to be an act of the company); or

 

  12.1.5. is no longer reasonably regarded by his co-directors as possessing an adequate decision-making capacity for reasons of health, and his co-directors have accordingly resolved that his office be vacated on this ground, or he becomes the subject of an order made in Ireland or elsewhere by a court claiming jurisdiction in that regard for his detention or for the appointment of a guardian or other person to exercise powers with respect to his property or affairs, on the ground, in any such case, of mental disorder or incapacity;

 

  12.1.6. resigns his office by notice in writing to the company; or

 

  12.1.7. makes any arrangement or composition in Ireland or elsewhere with his creditors generally, and his co-directors resolve, for that reason, that his office be vacated.

 

12.2. The provisions of paragraphs 12.1.1 to 12.1.7 of this Article shall apply to the exclusion of the provisions of Section 148(2) of the Act.

 

13. Alternate Directors:

 

13.1. Any director (the appointer ) may at any time and from time to time appoint by notice in writing to the company any person to be his alternate.

 

13.2. A person may act as an alternate for more than one director and while he is so acting will be entitled to a separate vote for each director he is representing and, if he is himself a director, his vote or votes as an alternate will be in addition to his own vote.

 

13.3. An alternate will be counted for the purpose of reckoning whether a quorum is present at any meeting attended by him at which he is entitled to vote, but where he is himself a director or is the alternate of more than one director he will only be counted once for such purpose.

 

13.4. An alternate will be entitled, subject to his giving to the company an address to receive notice of all meetings of the directors and of all meetings of committees of which his appointer is a member, to receive notice of and attend and vote at any meeting of the directors (or of a committee of which his appointer is a member) at which the appointer is not personally present. An alternate shall not be entitled to be remunerated or paid fees otherwise than out of the remuneration or fees as the case may be paid to the appointer.

 

13.5. The alternate will be entitled, in the absence of the appointer, to exercise all the powers, rights, duties and authorities of the appointer as a director (other than the right to appoint an alternate hereunder).

 


13.6. An alternate’s appointment will automatically come to an end if for any reason the appointer ceases to be a director, but if a director retires but is re-appointed or deemed to have been re-appointed at the meeting at which he retires, any appointment of an alternate made by him which was in force immediately prior to his retirement will continue after his re-appointment. Section 165(5) and (6) of the Act in relation to revocation of appointment shall apply.

 

14. Managing and Executive Directors:

 

14.1. Subject to the other provisions of these Articles, the directors may from time to time appoint one or more of themselves to be managing director or chief executive officer or any other category of executive director (by whatever name called) for such period, and on such terms as to remuneration or otherwise, as they think fit and, subject to the terms of any agreement entered into in any particular case, may revoke such appointment. The directors may entrust to and confer upon any director so appointed any of the powers exercisable by them upon such terms and conditions and with such restrictions (if any) as they may think fit, and either concurrently with or to the exclusion of their own powers, and may from time to time revoke, withdraw, alter or vary all or any conferral of such powers. Section 159(2) of the Act shall not apply in relation to any such appointment.

 

15. Directors’ Contracts:

 

15.1. Notwithstanding the provisions of Section 162 of the Act, no contract will be entered into by the company for the employment of, or the provision of services by, a director or a director of a holding company of the company containing a term to which Section 249 of the Act applies, without obtaining the approval provided for in that Section.

 

16. Directors’ Right to Attend Meetings:

 

16.1. A director who is not a member of the company will nevertheless be entitled to receive notice of, attend and speak at any general meeting or separate meeting of the holders of any class of share.

 

17. Voting by Directors:

 

17.1. A director may vote in respect of any contract, appointment or arrangement in which he is interested, and he shall be counted in the quorum present at any meeting at which such matters are considered. Section 163 of the Act shall not apply.

 

18. Remuneration of Directors:

 

18.1. The remuneration, which shall include benefits in kind, and any fees, to be paid to directors of the company, shall be at such rate and basis as the directors shall determine from time to time. The directors shall also be entitled to be paid their travelling, hotel and other expenses properly incurred by them in attending and returning from meetings of the directors or any committee of the directors or general meetings of the company or otherwise in connection with the business of the company, or to receive a fixed allowance in respect thereof as may be determined by the directors from time to time, or a combination partly of one such method and partly of the other. The amount, rate or basis of the fees, remuneration or expenses paid or to be paid to the directors shall not require the approval of or ratification by the company in general meeting.

 

18.2. The board may approve additional remuneration to any director undertaking any special work or services for, or undertaking any special task on behalf of the company including participating as a member of a committee, in addition to his ordinary work as a director. Any remuneration or fees paid by a director who is also a legal adviser to the company or otherwise serves the company in a professional capacity shall be in addition to any remuneration or fees paid to him as a director of the company.


19. Proceedings of Directors

 

19.1. Participation in Board Meetings by Telephone: Any director (including an alternate) or any member of a committee of directors may participate in a meeting of the directors or a committee of directors of which he is a member by means of a conference telephone or similar communicating equipment whereby all persons participating in the meeting can hear each other, and participation in a meeting in this manner will be deemed to constitute presence in person (or, as the case may be, by alternate) at such meeting but, for the purposes of determining whether the quorum for the transaction of business exists, any director or committee member in telephonic communication with a meeting of directors or of a committee as the case may be will not be counted in the quorum.

 

20. Resolutions of Directors and Committees at Electronic Meetings

 

20.1. All or any of the Directors, or of the members of a Committee, can take part in a meeting of the Directors, or of a Committee as the case may be, by the use of conference telephone, video-conferencing or other telecommunications equipment designed to allow all persons participating to hear each other speak (an “ Electronic Meeting ”).

 

20.2. A person taking part in this way will be counted as being present at the meeting, and an Electronic Meeting will be considered to be a meeting of Directors, or of a Committee as the case may be, for the purpose of passing resolutions but not for doing any other act or thing which, under specific requirements of the Act, must be done at a meeting of Directors.

 

20.3. The provisions of this constitution, in so far as they relate to the summoning of meetings of Directors or of Committees, the appointment and powers of a chairman, the transaction of business, alternates, quorum, voting, adjournment and the keeping of minutes, will apply to an Electronic Meeting as if it were a meeting of Directors, or of a Committee as the case may be, at which all those taking part were in the physical presence of each other.

 

21. Resolutions in Writing:

 

21.1. Notwithstanding the provisions of Section 161(1) of the Act, a resolution in writing signed by each director or by his alternate will be as valid as if it had been passed at a meeting of the directors duly convened and held.

 

21.2. A resolution in writing signed by each member of a committee (or, in the case of a director, his alternate) will be as valid as if it had been passed at a meeting of that committee duly convened and held.

 

21.3. Any such resolution as is referred to in this Article may consist of one document or two or more documents in like form to the same effect, each signed by one or more of the signatories, and for all purposes shall take effect from the time that it is signed by the last such signatory.

 

22. Certain matters not to amount to conflicts of interest, etc.:

 

22.1. A director who has been validly appointed or nominated for appointment by a particular member or members may (i) be a director or other officer of, employed by or otherwise interested (including by the holding of shares) in, any such member or members, or of any body corporate owned or controlled by any such member or members, and (ii) have regard to the interests of that member or members, and shall not be deemed to have a conflict of interest or to be in breach of his duty under Section 228(1)(f) of the Act in any such circumstances; and

 

22.2. a director who declares the nature of his interest in a contract (as the expression contract is to be interpreted by Section 231 of the Act) or proposed contract with the company in accordance with the requirements of the Act in that regard shall not be deemed to be in breach of his duty under Section 228(1)(f) of the Act, but this is without prejudice to the powers of the directors to take any action which they may consider appropriate in their discretion in relation to any matters so disclosed.


23. Incidental use of company property:

 

23.1. Unless the members of the company in general meeting shall otherwise determine, and subject always to the other provisions of these Articles, any director may use, for his own benefit, any of the company’s property, where any such use is reasonable and is merely incidental to the due and proper performance of his duties as a director of the company, and the other directors or the members of the company have given their consent (whether express or implied) to that use.

 

24. P roxies:

 

24.1. The instrument appointing a proxy shall be in the form prescribed by the Act, or as near to it as circumstances permit. The instrument of proxy and the power of attorney or other authority, if any, under which it is signed, or a notarially certified copy of that power or authority, shall be deposited at the registered office of the company or at such other place within Ireland as is specified for that purpose in the notice convening the meeting of the company, and shall be so deposited not later than before the commencement of the meeting or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll, before the commencement of the taking of the poll.

 

24.2. The directors or the secretary may from time to time permit appointments of a proxy to be made by means of an electronic or internet communication or facility or by facsimile transmission, and may permit supplements, amendments or revocations of any such appointments to be made by similar means. Any such appointments of proxy and any such supplements, amendments or revocations thereof may be made subject to such terms and conditions as the directors or secretary may determine from time to time in their or his discretion, and any such appointments, supplements, amendments or revocations of proxy will be deemed deposited at the place specified for such purpose, once received by the company. The directors may treat any such communication, facility or transmission which purports to be or is expressed to be sent on behalf of a member as sufficient evidence of the authority of the person sending it to send it on behalf of that member.

 

25. Business of AGM: Without prejudice to the powers of the directors to include on the agenda of any annual general meeting of the company such other matters as they may, in their absolute discretion, think fit, the business of the annual general meeting of the company shall be required to include only the following matters:

 

25.1. the consideration of the company’s statutory financial statements and the report of the directors and the report of the statutory auditors on those statements and that report;

 

25.2. the review by the members of the company’s affairs; and

 

25.3. the appointment or re-appointment of statutory auditors.

 

26. General Meetings outside Ireland: An annual general meeting or an extraordinary general meeting of the company may be held inside or outside Ireland provided that, if the company holds any such meeting outside Ireland then, unless all of the members entitled to attend and vote at such meeting consent in writing to its being held outside Ireland, the company shall at its own expense make all necessary arrangements to ensure that members can, by technological means, participate in any such meeting without leaving Ireland.

 

27. General Meetings including Quorum: The quorum for general meetings of the company shall be two members present in person or by proxy, unless the company is a single-member company within the meaning of the Act (that is to say all the issued shares of the company are registered in the name of a sole person (whether a natural person or a body corporate)), in which case one member present in person or by proxy shall be a quorum.

 


28. Holding of Annual General Meeting:

 

28.1. Subject to paragraph 28.2 of this Article and subject always as provided by the Act, the company shall in each year hold a general meeting as its annual general meeting, in addition to any other meetings in that year, and shall specify the meeting as such in the notices calling it.

 

28.2. Where the company has only one member, that is to say all the issued shares of the company are registered in the name of a sole person (whether a natural person or a body corporate), it will be a single-member company within the meaning of the Act, and in such a case (but only in such a case), the company need not hold an annual general meeting in any year where the member is entitled, as at the date of the written resolution referred to in this Article, to attend and vote at such general meeting and has signed, before the latest date for the holding of the meeting, a written resolution, complying with the provisions of the Act, acknowledging receipt of the financial statements that would have been laid before that meeting, resolving all such matters as would have been resolved at that meeting, and confirming that no change is proposed in the appointment of the person (if any) who, at the date of the resolution, stands appointed as statutory auditor of the company.

 

29. Right to demand a poll:

 

29.1. At any general meeting a poll may be demanded by:

 

  29.1.1. the chairperson of the meeting;

 

  29.1.2. at least three members present in person or by proxy;

 

  29.1.3. any member or members present in person or by proxy and representing not less than 10 per cent of the total voting rights of all the members of the company having the right to vote at the meeting; or

 

  29.1.4. a member or members holding shares in the company conferring the right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than 10 per cent of the total sum paid up on all the shares conferring that right.

 

30. Restriction on voting: For so long as the company holds any shares as treasury shares, or any subsidiary of the company holds shares in the company, then the company or the subsidiary (as the case may be) shall not exercise any voting rights in respect of the shares.

 

31. Unanimous Written Resolutions

A unanimous written resolution may be passed by members subject to and in accordance with Section 193 of the Act.

 

32. Directors’ and Officers’ Indemnity: Subject to the provisions of the Act, every director, managing director, chief executive officer, secretary and other officer for the time being of the company shall be indemnified out of the assets of the company against any liability incurred by him:

 

32.1. in defending any proceedings, whether civil or criminal, in relation to his acts or omissions while acting in such office, in which judgment is given in his favour or in which he is acquitted; or

 

32.2. in connection with any proceedings or application referred to in, or under, Sections 233 or 234 of the Act in which relief is granted to him by the court.

 

33. Auditors

 

33.1. The Auditors will be appointed and removed and their rights and duties regulated in accordance with the Act. The Auditors will be entitled to attend any general meeting and to receive all notices of, and other communications relating to, any general meeting which any member is entitled to receive, and to be heard on any part of the business which concerns them as auditors.


34. Notices:

 

34.1. Any notice or document to be served on or given to a member of the company by the company or by an officer of the company whether pursuant to any provision of the Act or these Articles or otherwise may be served on or given to the member in any of the ways specified in subsection (3) of Section 218 of the Act (including by electronic means provided that in such a case the conditions specified in subsection (4) of that Section are satisfied), and the notice or document shall be deemed to have been served or given as follows:-

 

  34.1.1. if given personally or delivered to the member, when so given or delivered;

 

  34.1.2. if left at the registered address of the member, when so left at that address;

 

  34.1.3. if the notice is a notice of a general meeting, and it is posted using ordinary pre-paid post to the registered address of the member, on the expiration of 24 hours following posting (as permitted by Section 181(3) of the Act); but in a case where the notice or document is not a notice of a meeting, it shall be deemed to have been given or served 48 hours after the cover containing it was posted, and if so posted on a Friday, 72 hours after it was so posted; and

 

  34.1.4. if served on or delivered to a member by electronic means, both in the case of the service or giving of the notice or document by sending it by electronic mail and by making it available or displaying it on a website, 12 hours after the time it was sent, or made available or displayed.

 

34.2. Where the company is required or obliged to serve a notice on or give it to a person other than a member of the company, it shall be in writing and, without prejudice to any method of service provided for in the Act, may be served on or given to that person personally, or by leaving it at or posting it to the last-known postal address of that person, or by sending it to the other person by electronic mail provided that the person has consented to the use of electronic mail to serve or give notices on or to such person and has not, at the time that electronic mail is so used, given written notice to the company in accordance with the provisions of these Articles withdrawing that consent. A notice or document given or served in a manner referred to in this paragraph shall be deemed to have been given or served as follows:

 

  34.2.1. if given personally, when so given;

 

  34.2.2. if left at the last-known postal address of the person, when so left at that address;

 

  34.2.3. if posted using ordinary pre-paid post to the last-known postal address of the other person on any day other than a Friday, 48 hours after the cover containing it was posted, and if so posted on a Friday, 72 hours after it was so posted; and

 

  34.2.4. if served on or delivered to the other person by electronic mail, 12 hours after the time it was sent.

 

34.3. Without prejudice to any provision of the Act or of these Articles concerning the sending of notices or other documents to the company, any notice or other document which is required to be served on or given to the company by a member or by any other person under the Act or these Articles shall be in writing and in the English language, and may be served on or given to the company by giving or delivering it personally to the secretary of the company or by posting it using ordinary pre-paid post to the registered office of the company marked for the attention of the secretary, and will be deemed to have been served on or given to the company;

 

  34.3.1. if given or delivered personally, when so given or delivered; and

 

  34.3.2. if posted in the manner described in this paragraph on any day other than a Friday, 48 hours after the cover containing it was posted, and if so posted on a Friday, 72 hours after it was so posted.


35. Single-member Company:

 

35.1. If and so long as the company is a single-member company within the meaning of the Act, the sole member may appoint a person to be a director of the company by serving a notice in writing on the company which states that the named person is appointed director, and this applies notwithstanding anything in subsection (3) of Section 144 of the Act (save for the requirement of it that any limit for the time being on the number of directors provided for in these Articles (if any) is to be observed) or in subsection (4) of Section 144.

 

35.2. Where the company is a single-member company and the sole member takes any decision which has effect, pursuant to Section 196 of the Act, as if agreed by the company in general meeting, the member shall provide the company with a written record of that decision, unless the decision is taken by way of written resolution which the member has already forwarded to the company, and where the company is notified by the sole member of a decision taken by way of a written resolution, or of a written record of a decision taken by that sole member, the company shall record and retain the notification in a book or other suitable means maintained for the purpose.

 

35.3. Where the company is a single-member company and the sole member exercises or discharges any power, right or obligation pursuant to Section 196 of the Act, involving or consisting of the passing of a resolution, or the sole member agreeing to a thing, and the provisions of Section 198 shall apply to that resolution or thing, the company shall notify such exercise or discharge in writing within 15 days of the occurrence thereof to the Registrar of Companies.

 

35.4. Where the company is a single-member company and enters into a contract with the sole member which is not in the ordinary course of business and which is not in writing, and the sole member also represents the company in the transaction (whether as a director or otherwise), the company shall ensure that the terms of the contract are forthwith set out in a written memorandum or are recorded in the minutes of the next directors’ meeting.


I, the person whose name and address is subscribed, wish to be formed into a company in pursuance of this Constitution, and I agree to take the number of shares in the capital of the company set opposite my name.

 

Names, Addresses and Descriptions of Subscriber

  

Number of Shares

taken by the

Subscriber

Goodbody Subscriber One Limited

North Wall Quay

IFSC

Dublin 1

   One
Limited Liability Company   

Goodbody Subscriber Two Limited

North Wall Quay

IFSC

Dublin 1

   One
Limited Liability Company   

John Olden

9 Grove Paddock

Blackrock

Co. Dublin

   One
Solicitor   

John Given

8 Carraig Grennane

Killiney Avenue

Co Dublin

   One
Solicitor   

Maire Cunningham

95 New Row Square

New Row South

Dublin 8

   One
Solicitor   

Jeanne Kelly

51 Mountpleasant Avenue Lower

Ranelagh

Dublin 6

   One
Solicitor   


Emma Laffan    One
8 Obelisk Grove   
St. Augustine Park   
Blackrock   
Co. Dublin   
Solicitor   
  

 

Total Shares Taken:    Seven
  

 

Signature in writing of the above subscriber, attested by witness as provided for below

Dated the 18 day of October 2004

 

Witness to the above Signatures:   Margaret White
  23 Foxfield Grove
  Raheny
  Dublin 5

 

Exhibit 4.1

PERRIGO FINANCE UNLIMITED COMPANY,

as the Issuer,

PERRIGO COMPANY PLC,

as the Parent Guarantor

and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Trustee

SUPPLEMENTAL INDENTURE NO. 2

DATED AS OF MARCH 10, 2016

TO INDENTURE

DATED AS OF DECEMBER 2, 2014

Relating To

$500,000,000 3.500% Senior Notes due 2021

$700,000,000 4.375% Senior Notes due 2026

 


SUPPLEMENTAL INDENTURE NO. 2

SUPPLEMENTAL INDENTURE NO. 2 , dated as of March 10, 2016 (this “ Supplemental Indenture ”), among Perrigo Finance Unlimited Company, a public unlimited company organized under the law of Ireland (formerly, Perrigo Finance plc) (the “ Issuer ”), Perrigo Company plc, a public limited company organized under the law of Ireland (the “ Parent ” or the “ Parent Guarantor ”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the “ Trustee ”), to the Base Indenture (as defined below).

RECITALS

WHEREAS , the Issuer and the Parent Guarantor have heretofore executed and delivered to the Trustee an Indenture, dated as of December 2, 2014 (the “ Base Indenture ”), providing for the issuance, from time to time, of Securities by the Issuer, to be issued in one or more series as therein provided, and the related guarantee of such Securities by the Parent Guarantor;

WHEREAS , pursuant to the terms of the Base Indenture, the Issuer desires to provide for the establishment of two series of Securities to be known respectively as its 3.500% Senior Notes due 2021 (the “ 2021 Notes ”), and its 4.375% Senior Notes due 2026 (the “ 2026 Notes ” and, together with the 2021 Notes, the “ Notes ”), and the Parent Guarantor desires to deliver its Guarantee, the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture (together, the “ Indenture ”);

WHEREAS , the Notes initially will be fully and unconditionally guaranteed as to payment of principal, premium, if any, and interest on a senior unsecured basis (the “ Guarantee ”) by the Parent Guarantor; and

WHEREAS , the Issuer and the Parent Guarantor have requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a legal, valid and binding instrument in accordance with its terms, to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee, the legal, valid and binding obligations of the Issuer, and to make the Guarantee included herein, the legal, valid and binding obligation of the Parent Guarantor, and all acts and things necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects.

WITNESSETH:

NOW, THEREFORE , for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes, as follows:


ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01. Capitalized terms used but not defined in this Supplemental Indenture shall have the meanings ascribed to them in the Base Indenture.

Section 1.02. References in this Supplemental Indenture to article and section numbers shall be deemed to be references to article and section numbers of this Supplemental Indenture, unless otherwise specified.

Section 1.03. For purposes of this Supplemental Indenture, the following terms have the meanings ascribed to them as follows:

2021 Notes ” has the meaning provided in the recitals.

2026 Notes ” has the meaning provided in the recitals.

Additional Notes ” means any additional Notes that may be issued from time to time pursuant to Section 2.01(b).

Adjusted Treasury Rate ” means, with respect to any Redemption Date, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

Affiliate Transferee ” has the meaning provided in Section 6.03(f).

Base Indenture ” has the meaning provided in the recitals.

Change in Tax Law ” has the meaning provided in Section 11.8 of the Base Indenture, as amended in Section 4.02.

Change of Control ” has the meaning provided in Section 6.03(f).

Change of Control Offer ” has the meaning provided in Section 6.03(a).

 

- 2 -


Change of Control Payment ” has the meaning provided in Section 6.03(a).

Change of Control Payment Date ” has the meaning provided in Section 6.03(b).

Change of Control Triggering Event ” has the meaning provided in Section 6.03(f).

Comparable Treasury Issue ” means the U.S. Treasury security selected by the Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term (the “ Remaining Life ”) of the applicable series of Notes to be redeemed (assuming that such Notes matured on their applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the applicable series of Notes (assuming that such Notes matured on their applicable Par Call Date).

Comparable Treasury Price ” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Issuer is provided fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

CRS ” means the Standard for Automatic Exchange of Financial Account Information approved on July 15, 2014 by the Council of the Organisation for Economic Cooperation and Development, and any law or regulations made in respect of or in connection it, including Section 891F of the Taxes Consolidation Act 1997 of Ireland and any Irish law or regulation made pursuant to or in connection with that provision.

DAC II ” means Council Directive 2014/107/EU of December 9, 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation, and any law or regulations made in respect of or in connection with it, including Section 891G of the Taxes Consolidation Act 1997 of Ireland and any Irish law or regulation made pursuant to or in connection with that provision.

Depositary ” has the meaning provided in Section 2.03.

Equity Interests ” means the shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests in a Person.

FATCA ” means (a) sections 1471 to 1474 of the US Internal Revenue Code of 1986 or any associated regulations, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in (a) above, including the Agreement to Improve Tax Compliance and Provide for Reporting and Exchange of Information concerning Tax Matters (United States of America) Order 2013 (S.I. No. 33 of 2013) of Ireland, section 891E of the Taxes Consolidation Act 1997 of Ireland and any Irish law or regulation made pursuant to or in connection with that provision.

Guarantee ” has the meaning set forth in the recitals.

 

- 3 -


Indenture ” has the meaning provided in the recitals.

Independent Investment Banker ” means one of the Reference Treasury Dealers whom the Issuer appoints.

Interest Payment Date ” has the meaning provided in Section 2.04.

Investment Grade Rating ” has the meaning provided in Section 6.03(f).

Issue Date ” means March 10, 2016 .

Issuer ” has the meaning provided in the preamble.

Moody’s ” has the meaning provided in Section 6.03(f).

Notes ” has the meaning provided in the recitals. For the avoidance of doubt, “Notes” shall include the Additional Notes, if any.

Par Call Date ” means February 15, 2021, in the case of the 2021 Notes, or December 15, 2025, in the case of the 2026 Notes.

Parent ” or “ Parent Guarantor ” has the meaning provided in the preamble.

Rating Agencies ” has the meaning provided in Section 6.03(f).

Rating Event ” has the meaning provided in Section 6.03(f).

Record Date ” has the meaning provided in Section 2.04.

Reference Treasury Dealer ” means each of HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, and their respective successors and, at the Issuer’s option, additional Primary Treasury Dealers selected by the Issuer; provided , however , that if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “ Primary Treasury Dealer ”), the Issuer will substitute another Primary Treasury Dealer.

Reference Treasury Dealer Quotations ” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date.

Remaining Life ” has the meaning provided in the definition of “Comparable Treasury Issue.”

S&P ” has the meaning provided in Section 6.03(f).

Supplemental Indenture ” has the meaning provided in the preamble.

 

- 4 -


Trustee ” has the meaning provided in the preamble.

Voting Stock ” has the meaning provided in Section 6.03(f).

Wholly-Owned Subsidiary ” of any Person means a Subsidiary of such Person 100% of the outstanding ownership interests of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties to the extent required by applicable law) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

Section 1.04. Solely for purposes of the Notes, the following definitions shall amend and restate in their entirety the definitions of such terms found in Section 1.1 of the Base Indenture:

GAAP ” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, that are in effect from time to time, it being understood that, for purposes of this Indenture, all references to codified accounting standards specifically named in this Indenture shall be deemed to include any successor, replacement, amended or updated accounting standard under GAAP. At any time after the Issue Date, the Issuer may elect, for all purposes of this Indenture, to apply IFRS accounting principles (or any successor, replacement, amended or updated accounting principles to IFRS that are then in effect in the Issuer’s jurisdiction of organization) in lieu of GAAP, and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS as in effect from time to time (or such successor, replacement, amended or updated accounting principles) as previously calculated or determined in accordance with GAAP; provided that (1) from and after such election, all financial statements and reports required to be provided pursuant to this Indenture (and all financial statements and reports required to be filed with the Commission or that are otherwise provided to shareholders of the Parent Guarantor) shall be prepared on the basis of IFRS (or such successor, replacement, amended or updated accounting principles), (2) from and after such election, all ratios, computations and other determinations based on GAAP contained in this Indenture shall be computed in conformity with IFRS (or such successor, replacement, amended or updated accounting principles) with retroactive effect being given thereto assuming that such election had been made on the Issue Date and (3) all accounting terms and references in this Indenture to accounting standards shall be deemed to be references to the most comparable terms or standards under IFRS (or such successor, replacement, amended or updated accounting principles). The Issuer shall give notice of any such election made in accordance with this definition to the Trustee and the Holders of the Notes promptly after having made such election (and in any event, within 15 days thereof).

Restricted Subsidiary ” means any Subsidiary of the Parent Guarantor which owns or leases a Principal Property and which could secure the Notes with such Principal Property without there being adverse tax consequences to the Parent Guarantor or its subsidiaries.

 

- 5 -


Sale and Lease-Back Transactions ” means any arrangement with any Person providing for the leasing by the Parent Guarantor or a Restricted Subsidiary of any Principal Property that the Parent Guarantor or such Restricted Subsidiary has sold or transferred or is about to sell or transfer to such Person; provided, however , that this definition does not include transactions between or among the Parent Guarantor and its Restricted Subsidiaries.

Section 1.05. Consent to Creation of Distributable Reserves

(a) Solely for purposes of the Notes, Section 1.21 of the Base Indenture is hereby amended and restated in its entirety as follows:

Each Holder of a Note by its acceptance thereof irrevocably consents, to the fullest extent permitted by applicable law, to the creation of distributable reserves, from time to time, by reducing some or all of the share premium of the Parent Guarantor resulting from the issuance of ordinary shares of the Parent Guarantor or otherwise.

Section 1.06. Currency Indemnity .

For the avoidance of doubt, with respect to the Notes, each reference to “Securities” in Section 1.19 of the Base Indenture shall be deemed to include the Guarantee.

Section 1.07. Submission to Jurisdiction .

The Issuer and the Parent Guarantor each hereby agree to appoint Corporation Service Company, with an office at 1180 Avenue of the Americas, Suite 210, New York, NY 10036, as its agent (or any successor thereto) for service of process in any suit, action or proceeding with respect to the Indenture, the Notes and the Guarantee and for actions brought under the United States federal or state securities laws brought in any United States federal or state court located in the Borough of Manhattan in the County and City of New York.

ARTICLE TWO

GENERAL TERMS AND CONDITIONS OF THE NOTES

Section 2.01. Designation and Principal Amount .

(a) The Notes are hereby authorized and are respectively designated the 3.500% Senior Notes due 2021 and the 4.375% Senior Notes due 2026, each unlimited in aggregate principal amount. The 2021 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an aggregate principal amount of $500,000,000 and the 2026 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an aggregate principal amount of $700,000,000, which amounts shall be set forth in the written order of the Issuer for the authentication and delivery of the Notes pursuant to Sections 3.1 and 3.3 of the Base Indenture.

(b) In addition, without the consent of the Holders of an applicable series of Notes, the Issuer may issue, from time to time, in accordance with the provisions of the Indenture, Additional Notes having the same ranking and the same interest rate, maturity and other terms as

 

- 6 -


such series of Notes in all respects (except for the issue date, issue price, and, if applicable, payment of interest accruing prior to the issue date of such Additional Notes or, if applicable, the first payment of any interest following the issue date of such Additional Notes). Any Additional Notes having such similar terms, together with the other Notes of the applicable series, shall constitute a single series of Notes under the Indenture; provided , that if such Additional Notes are not fungible with the other Notes of such series for U.S. federal income tax purposes, the Additional Notes will be issued under a separate CUSIP number.

Section 2.02. Maturity .

(a) Unless an earlier redemption has occurred, the principal amount of the 2021 Notes shall mature and be due and payable, together with any accrued interest thereon, on March 15, 2021.

(b) Unless an earlier redemption has occurred, the principal amount of the 2026 Notes shall mature and be due and payable, together with any accrued interest thereon, on March 15, 2026.

Section 2.03. Form and Payment .

(a) The Notes shall be issued as global notes, in fully registered book-entry form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof.

(b) The 2021 Notes and the 2026 Notes and the Trustee’s Certificates of Authentication to be endorsed thereon, are to be substantially in the form of Exhibit A-1 and Exhibit A-2 respectively, which forms are hereby incorporated in and made a part of this Supplemental Indenture.

(c) The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture, and the Issuer, the Parent Guarantor and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

(d) Principal, premium, if any, and/or interest, if any, on the global notes representing the Notes shall be made to DTC, which shall act as a depository for the global notes (together with any successor thereto, the “ Depositary ”).

(e) Wells Fargo Bank, National Association (or any successor thereto) will initially serve as Paying Agent and Security Registrar for the Notes.

(f) The global notes representing the Notes shall be deposited with, or on behalf of, the Depositary and shall be registered in the name of the Depositary or a nominee of the Depositary. No global note may be transferred except as a whole by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or such nominee to a successor of the Depositary or a nominee of such successor.

(g) A global note deposited with, or on behalf of, the Depositary may be transferred to the beneficial owners thereof in the form of definitive Notes in an aggregate principal amount equal to the principal amount of such global note, in exchange for such global note, in accordance with the procedures set forth in Section 3.5 of the Base Indenture. Definitive Notes shall be issued to the beneficial owners thereof only (i) under the circumstances set forth in Section 3.5 of the Base Indenture or (ii) if an Event of Default has occurred and has not been cured or waived, the Security Registrar has received a request from the Depositary with respect to the issuance of definitive Notes.

 

- 7 -


Section 2.04. Interest .

Interest on the 2021 Notes will be payable in cash and shall accrue at the rate of 3.500% per annum and interest on the 2026 Notes will be payable in cash and shall accrue at the rate of 4.375% per annum. Interest on the Notes shall accrue from March 10, 2016 or the most recent interest payment date on which interest was paid, and be payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2016 (with respect to the applicable series of Notes, each an “ Interest Payment Date ”). Interest on each series of Notes shall be payable to the Holders in whose names such Notes are registered at the close of business on the preceding March 1 and September 1 (whether or not that date is a Business Day) (with respect to the applicable series of Notes, each a “ Record Date ”). Interest on the Notes shall be computed on the basis of a 360-day year comprising twelve 30-day months. If any Interest Payment Date or maturity or Redemption Date falls on a day that is not a Business Day, then the payment will be made on the next Business Day without additional interest and with the same effect as if it were made on the originally scheduled date.

Section 2.05. Additional Amounts .

Additional Amounts shall be payable in respect of the Notes of each series pursuant to Section 10.4 of the Base Indenture.

Section 2.06. No Sinking Fund .

Article 12 of the Base Indenture shall not apply to the Notes.

Section 2.07. No Conversion Features .

No conversion features shall apply to the Notes.

Section 2.08. Method of Payment .

Solely for purposes of the Notes, Section 3.7 of the Base Indenture is hereby amended by inserting at the end of the second to last paragraph thereto the following:

“The payment by wire transfer of immediately available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.”

 

- 8 -


ARTICLE THREE

GUARANTEE

Section 3.01. Parent Guarantee

(a) The Parent Guarantor, by its execution of this Supplemental Indenture, hereby agrees with each Holder of a Note authenticated and delivered by the Trustee and with the Trustee for itself and on behalf of each such Holder, to be unconditionally bound by the terms and provisions of the Guarantee set forth below and authorizes the Trustee to confirm such Guarantee to the Holder of each such Note of the Issuer, with such Guarantee endorsed thereon, by its authentication, execution and delivery of each such Note by the Trustee.

GUARANTEE OF

PERRIGO COMPANY PLC

For value received, PERRIGO COMPANY PLC, a company duly organized and existing under the laws of Ireland (herein called the “ Parent Guarantor, ” which term includes any successor Person under the Indenture), hereby fully, irrevocably and unconditionally guarantees to the Holder of the Notes and to the Trustee for itself and on behalf of each such Holder the due and punctual payment of the principal of (and premium, if any, on) and interest on the Notes when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture, and all other amounts owed under the Indenture, all in accordance with and subject to the terms and limitations of the Notes and Article 14 of the Base Indenture. In case of the failure of PERRIGO FINANCE UNLIMITED COMPANY, a public unlimited company duly organized under the laws of Ireland (herein called the “ Issuer ,” which term includes any successor Person under such Indenture), to promptly make any such payment of principal (and premium, if any) or interest, or any other payments owed under the Indenture, the Parent Guarantor hereby agrees to cause any such payment of principal (and premium, if any) or interest, and all other amounts owed under the Indenture, to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer, subject to the terms and limitations of Article 14 of the Base Indenture.

The Parent Guarantor hereby agrees that its obligations under the Guarantee and the Indenture shall be as if it were principal debtor and not merely surety, and shall be absolute and unconditional, joint and several, irrespective of, and shall be unaffected by any failure to enforce the provisions of the Notes or the Indenture, or any waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of a Note or the Trustee for such series of Notes or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided ,

 

- 9 -


however , that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Parent Guarantor, increase the principal amount of such Note, or increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration or the maturity thereof pursuant to Article 5 of the Base Indenture. The Parent Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to the Notes or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under the Notes and all demands whatsoever, and covenants that the Guarantee of the Parent Guarantor will not be discharged, except, by payment in full of the principal of (and premium, if any, on) and interest on the Notes, or as otherwise set forth in this Indenture; provided , that if any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Parent Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Parent Guarantor any amount paid either to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

The Parent Guarantor shall be subrogated to all rights of the Holder of the Notes and the Trustee for the Notes of such series against the Issuer in respect of any amounts paid to such Holder by the Parent Guarantor pursuant to the provisions of this Guarantee; provided, however , that the Parent Guarantor shall not be entitled to enforce or to receive any payments arising out of or based upon such right of subrogation until the principal of (and premium, if any, on) and interest on all Notes of the same series issued under the Indenture shall have been paid in full.

(b) Notwithstanding Section 2.1, Section 2.4(a), Section 3.3, Section 14.2 and any other provisions of the Base Indenture, and solely for purposes of the Notes, the Parent Guarantor, the Issuer and the Trustee hereby agree that notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes, (i) the Guarantee of the Parent Guarantor shall remain in full force and effect and (ii) all references in the Base Indenture to any Guarantee endorsed on the Notes shall be deemed to refer to the Guarantee of the Parent Guarantor contained in this Section 3.01.

(c) The Notes will not be guaranteed by any of the Parent Guarantor’s subsidiaries.

Section 3.02. Termination of the Guarantee .

The Parent Guarantor’s Guarantee in respect of a series of Notes shall terminate upon the Legal Defeasance or discharge of such series of Notes pursuant to Article 4 or Section 13.2 of the Base Indenture, as the case may be.

 

- 10 -


ARTICLE FOUR

REDEMPTION

Section 4.01. Optional Redemption

(a) Prior to their applicable Par Call Date, the Issuer may, at its option, redeem all or a portion of the 2021 Notes and the 2026 Notes, as the case may be, at any time or from time to time. The Redemption Price for the 2021 Notes and the 2026 Notes, as applicable, to be redeemed on any Redemption Date will be equal to the greater of the following amounts:

(1) 100% of the principal amount of such series of Notes to be redeemed on the Redemption Date; and

(2) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (calculated as if such Notes matured on their applicable Par Call Date), exclusive of interest accrued to, but excluding, the Redemption Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 35 basis points in the case of the 2021 Notes and 40 basis points in the case of the 2026 Notes, as determined by the applicable Independent Investment Banker;

plus, in each case, accrued and unpaid interest, if any, on the notes to be redeemed to, but excluding, the Redemption Date.

(b) Notwithstanding Section 4.01(a), on or after their applicable Par Call Date, the Issuer shall have the right to redeem, at its option, in whole or in part, the 2021 Notes and the 2026 Notes, in each case, at a Redemption Price equal to 100% of the aggregate principal amount of the Notes to be redeemed, plus, accrued and unpaid interest, if any, to, but excluding, the Redemption Date.

(c) Notwithstanding Sections 4.01(a) and 4.01(b), installments of interest on the applicable series of Notes that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date, will be payable on the Interest Payment Date to the registered holders as of the close of business on the relevant Record Date according to the applicable series of Notes and the Indenture.

(d) Notice of any redemption will be mailed (or, to the extent permitted or required by applicable procedures or regulations of DTC, sent electronically) at least 15 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed. Unless the Issuer defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption.

(e) If the Issuer chooses to redeem less than all of the Notes of any series and the Notes are global notes, the Notes to be redeemed will be selected by DTC in accordance with applicable DTC procedures. If the Notes to be redeemed are not global notes then held by DTC, the particular Notes to be redeemed shall be selected by the Trustee not more than 45 days prior to the Redemption Date. Subject to applicable DTC procedures or regulations, the Trustee will select the Notes to be redeemed by such method as the Trustee shall deem appropriate.

 

- 11 -


(f) Notwithstanding anything to the contrary in clause (f) of the second paragraph of Section 11.4 and the last paragraph of Section 11.4 of the Base Indenture, the Issuer shall not be permitted to undertake an optional redemption of the Notes of any series pursuant to this Section 4.01 that is subject to conditions precedent.

Section 4.02. Redemption for Taxation Reasons .

Section 11.8 of the Base Indenture shall apply to each series of the Notes. Solely for purposes of the Notes, Section 11.8 of the Base Indenture is hereby amended by (a) replacing the phrase “The Issuer may redeem the Securities of any series in whole, but not in part, at any time” in the first sentence thereof with the phrase “The Issuer may redeem the Securities of any series in whole, but not in part, at its discretion at any time” and (b) inserting the following two sentences after the first sentence thereof:

Any Change in Tax Law must become effective on or after the Issue Date. In the case of a successor of the Issuer that is not a tax resident in the same jurisdiction as the Issuer or a successor of the Parent Guarantor that is not a tax resident in the same jurisdiction as the Parent Guarantor, the Change in Tax Law must become effective after the date that such entity first makes payments on the applicable series of the Notes.

ARTICLE FIVE

EVENTS OF DEFAULT

Section 5.01. Events of Default .

Solely for purposes of the Notes, Section 5.1 of the Base Indenture is hereby amended by deleting clause (f) of Section 5.1 and inserting new clauses (f) and (g) as follows:

(1) default in the payment of the purchase price of any Notes of such series the Issuer is required to purchase pursuant to Section 6.03 of the Supplemental Indenture; and

(2) the Guarantee of the Notes of such series is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or the Parent Guarantor, or any responsible Officer acting on behalf of the Parent Guarantor, denies or disaffirms its obligations under the Guarantee of the Notes of such series.

 

- 12 -


ARTICLE SIX

COVENANTS

Section 6.01. Limitation upon Liens .

(a) Solely for purposes of the Notes, the first sentence of Section 10.6 of the Base Indenture is hereby amended by replacing the phrase “create, incur, issue or assume” with the phrase “create, incur, issue, assume or guarantee.”

(b) Solely for purposes of the Notes, Section 10.6(a) of the Base Indenture is hereby amended by replacing the phrase “date of the Indenture” with the phrase “Issue Date.”

(c) Solely for purposes of the Notes, Section 10.6(c) of the Base Indenture is hereby amended by inserting the words “the Issuer,” immediately before the first reference to “Parent” appearing in such subsection.

Section 6.02. Limitations on Activities of the Issuer .

So long as any of the Notes of any series remain outstanding, the Issuer shall not engage in any business or activity other than:

(a) the establishment and maintenance of its legal existence, including the incurrence of fees, costs and expenses relating to such establishment and maintenance;

(b) to the extent applicable, participating in tax, accounting and other administrative matters as a member of the consolidated group of the Parent Guarantor;

(c) incurring fees, costs and expenses relating to organization overhead including professional fees for legal, tax and accounting issues and paying taxes;

(d) the execution and delivery of the Indenture and the performance of its obligations thereunder and the issuance of the Notes and any additional debt securities under the Indenture;

(e) taking all actions, including executing and delivering any related agreements in connection with Debt existing on the Issue Date or the incurrence of other indebtedness not prohibited by any Debt outstanding from time to time, or in connection with any other financing transactions;

(f) providing indemnification to officers and directors;

(g) the making of intercompany loans, distributions of cash, cash equivalents or Equity Interests and/or any transactions consummated substantially contemporaneously with and in connection with any financing transactions;

(h) financing the business and operations of the Parent or any of its affiliates, including the incurrence and repayment of indebtedness or other obligations, the making of loans or other investments and the payment of dividends or other distributions, and

(i) activities necessary or advisable for or incidental, related, complementary, similar, supplemental or ancillary to the businesses or activities described in any of the foregoing clauses (a) through (h).

 

- 13 -


Section 6.03. Offer to Purchase Notes Upon Change of Control Triggering Event .

(a) If a Change of Control Triggering Event occurs with respect to a series of Notes, unless the Issuer shall have exercised its option to redeem the applicable Notes pursuant to Article 4, the Issuer shall make an offer (the “ Change of Control Offer ”) to each Holder of the Notes of the applicable series as to which the Change of Control Triggering Event has occurred to repurchase all (equal to $200,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s applicable Notes on the terms set forth in such Notes. In the Change of Control Offer, the Issuer will be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest and Additional Amounts, if any, on the applicable Notes repurchased to, but not including, the date of repurchase (the “ Change of Control Payment ”).

(b) Within 30 days following any Change of Control Triggering Event or, at the Issuer’s option, prior to any Change of Control Triggering Event, but after public announcement of the transaction that constitutes or may constitute the Change of Control Triggering Event, a notice will be mailed (or, to the extent permitted or required by applicable DTC procedures or regulations, sent electronically) to Holders of the applicable Notes and the Trustee describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes of the applicable series on the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed or sent (the “ Change of Control Payment Date ”). The notice will, if mailed or sent prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring with respect to the applicable series of Notes on or prior to the Change of Control Payment Date.

(c) On the Change of Control Payment Date, the Issuer shall, to the extent lawful:

 

  (1) accept for payment all applicable Notes or portions of such Notes properly tendered pursuant to the applicable Change of Control Offer;

 

  (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all such Notes or portions of Notes properly tendered; and

 

  (3) deliver or cause to be delivered to the Trustee the applicable Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of the applicable Notes or portions of such Notes being repurchased and that all conditions precedent provided for in the Indenture to the Change of Control Offer and to the repurchase by the Issuer of the applicable Notes pursuant to the Control Payment Offer have been met.

(d) The Issuer will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer and the third party repurchases all applicable Notes properly tendered and not withdrawn under its offer.

 

- 14 -


(e) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations applicable to the repurchase of the Notes. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Indenture or the Notes, the Issuer will comply with those securities laws and regulations and will not be deemed to have breached the Issuer’s obligations under the Change of Control Offer provisions of the Indenture or the Notes by virtue of any such conflict.

(f) For purposes of this Section 6.03, the following definitions shall apply:

Change of Control ” means the occurrence of any of the following: (1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Voting Stock of the Parent Guarantor (or the Parent Guarantor’s Affiliate Transferee) or other Voting Stock into which the Voting Stock of the Parent Guarantor (or the Parent Guarantor’s Affiliate Transferee) is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Parent Guarantor (or the Parent Guarantor’s Affiliate Transferee) and the assets of the Subsidiaries of the Parent Guarantor (or the Parent Guarantor’s Affiliate Transferee), taken as a whole, to one or more Persons, other than the Parent Guarantor or a Subsidiary of the Parent Guarantor (or the Parent Guarantor’s Affiliate Transferee). Notwithstanding the foregoing, a transaction referenced in clause (1) of this definition will not be deemed to be a Change of Control if (i) the Parent Guarantor becomes a direct or indirect Wholly-Owned Subsidiary of a holding company and (ii) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Parent Guarantor’s Voting Stock immediately prior to that transaction. Notwithstanding the foregoing, a transaction referenced in clause (2) of this definition will not be deemed a Change of Control if (i) the Parent Guarantor becomes a direct or indirect Wholly-Owned Subsidiary of a holding company, (ii) the transferee of all or substantially all of the Parent Guarantor’s assets and the assets of the Parent Guarantor’s Subsidiaries, taken as a whole, is also a direct or indirect Wholly-Owned Subsidiary of such holding company (such transferee, the Parent Guarantor’s “ Affiliate Transferee ”), (iii) such holding company provides a full and unconditional guarantee of the Notes (whereupon such holding company shall be substituted as “the Parent Guarantor” for the purposes of the Notes and Indenture (without the release of the guarantee of the entity formerly considered to be the “Parent”)) and (iv) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Parent Guarantor’s Voting Stock immediately prior to that transaction.

Change of Control Triggering Event ” means the occurrence of both a Change of Control and a Rating Event.

 

- 15 -


Investment Grade Rating ” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies.

Moody’s ” means Moody’s Investors Service, Inc., and any successor to its ratings agency business.

Rating Agencies ” means (1) each of Moody’s and S&P, and (2) if either Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Issuer (as certified by a resolution of the Issuer’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

Rating Event ” means the rating on such series of Notes is lowered by each of the Rating Agencies and such series of Notes is rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of such series of Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the Parent Guarantor’s intention to effect a Change of Control; provided, however , that a Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating to which this definition would otherwise apply does not announce or publicly confirm or inform the Trustee in writing at the Issuer’s or the Trustee’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

S&P ” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and any successor to its ratings agency business.

Voting Stock ” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act), as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the Board of Directors of such person.

Section 6.04. Consolidation and Mergers and Sales, Leases and Conveyances Permitted Subject to Certain Conditions .

(a) Solely for purposes of the Notes, Section 8.1(a) and (b) of the Base Indenture are hereby amended and restated as follows:

(1) Notwithstanding anything contained herein or in any of the Notes, the Issuer may consolidate with or merge with or into or amalgamate or convert into any other corporation, limited liability company, limited partnership or other legal entity and the Issuer may sell, lease

 

- 16 -


or convey all or substantially all of its assets to any legal entity organized and existing under the laws of the United States of America or a State thereof, any country in the European Union, the United Kingdom, Canada, Israel or Switzerland; provided , that in any such case, either the Issuer shall be the surviving entity, or the successor entity (or the entity which shall have received such assets) shall expressly assume, pursuant to a supplemental indenture, all of the Issuer’s obligations under this Indenture and the Notes.

(2) Notwithstanding anything contained herein or in any of the Notes, the Parent Guarantor may consolidate with or merge with or into or amalgamate or convert into any other corporation, limited liability company, limited partnership or other legal entity and the Parent Guarantor may sell, lease or convey all or substantially all of its assets to any legal entity organized and existing under the laws of the United States of America or a State thereof, any country in the European Union, the United Kingdom, Canada, Israel or Switzerland; provided , that in any such case, either the Parent Guarantor shall be the surviving entity, or the successor entity (or the entity which shall have received such assets) shall expressly assume, pursuant to a supplemental indenture, all of the Parent Guarantor’s obligations under this Indenture, the Notes and the Guarantee.

(b) Solely for purposes of the Notes, Section 8.3 of the Base Indenture is hereby amended to delete the last sentence thereof.

Section 6.05. Limitation upon Sale and Lease-Back Transactions .

Solely for purposes of the Notes, Section 10.7 of the Base Indenture is hereby amended by replacing the lead-in language to the first paragraph of such Section 10.7 with the following language:

The Parent will not itself, and will not permit any Restricted Subsidiary to, enter into any Sale and Lease-Back Transaction unless, either:

ARTICLE SEVEN

DEFEASANCE

(a) Article 13 of the Base Indenture, relating to Legal Defeasance and Covenant Defeasance, shall apply to each series of the Notes; provided , however , that for purposes of Section 13.3 of the Base Indenture as it applies to the Notes of any series, the covenants set forth in Sections 6.02 and 6.03 hereof (and the related Events of Default) shall also be subject to covenant defeasance, as provided in the Base Indenture, in addition to the covenants specified in such Section 13.3, as modified by this Supplemental Indenture.

(b) Solely for purposes of the Notes, Section 13.3 of the Base Indenture is hereby amended by (1) replacing the phrase “the Issuer shall be released from its obligations” in the first sentence with the phrase “the Issuer and the Parent shall be released from their respective obligations” and (2) replacing the phrase “the Issuer may omit” in the second sentence with the phrase “the Issuer and the Parent may omit.”

 

- 17 -


(c) Solely for purposes of the Notes, Section 13.4(1) of the Base Indenture is hereby amended by replacing the phrase “The Issuer shall irrevocably” with the phrase “The Issuer or the Parent shall irrevocably.”

(d) Solely for purposes of the Notes, Section 13.4(2) of the Base Indenture is hereby amended and restated in its entirety as follows:

In the event of an election under Section 13.2, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (B) since the date of execution of this instrument, there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, subject to customary assumptions and exclusions, the Holders of such Securities will not recognize income, gain or loss for Federal income tax purposes as a result of the deposit, Legal Defeasance and discharge to be effected with respect to such Securities.

(e) Solely for purposes of the Notes, Section 13.4(3) of the Base Indenture is hereby amended and restated in its entirety as follows:

In the event of an election under Section 13.3, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that, subject to customary assumptions and exclusions, the Holders of such Securities will not recognize income, gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities.

(f) Solely for purposes of the Notes, Section 13.5 of the Base Indenture is hereby amended by replacing the phrase “pay to the Issuer from time to time” in the third paragraph with the phrase “pay to the Issuer or the Parent, as applicable, from time to time.”

(g) Solely for purposes of the Notes, Section 13.6 of the Base Indenture is hereby amended by replacing the phrase “from which the Issuer has been discharged” with the phrase “from which the Issuer and the Parent have been discharged.”

ARTICLE EIGHT

SATISFACTION AND DISCHARGE

(a) Solely for purposes of the Notes, the first paragraph of Section 4.1 of the Base Indenture is hereby amended by replacing the phrase “this Indenture shall cease to be of further effect” with the phrase “this Indenture shall cease to be of further effect with respect to any series of Securities.”

(b) Solely for purposes of the Notes, Section 4.1(a)(i) of the Base Indenture is hereby amended by replacing the phrase “all Securities theretofore” with the phrase “all Securities of such series theretofore.”

 

- 18 -


(c) Solely for purposes of the Notes, Section 4.1(a)(ii) of the Base Indenture is hereby amended by replacing the phrase “all such Securities not theretofore” with the phrase “all Securities of such series not theretofore.”

(d) Solely for purposes of the Notes, Section 4.1(a)(ii)(3) of the Base Indenture is hereby amended by (i) replacing the phrase “and the Issuer, in the case of (1), (2) or (3) above” with the phrase “and the Issuer or the Parent, in the case of (1), (2) or (3) above,” and (ii) by adding the phrase “(accompanied by an opinion of a nationally recognized firm of independent public accountants if U.S. Government Obligations are delivered)” after the second occurrence and the word “sufficient” therein.

(e) Solely for purposes of the Notes, Section 4.1(c) of the Base Indenture is hereby amended by replacing the phrase “discharge of this Indenture” with the phrase “discharge of this Indenture as to such series of Securities.”

(f) Solely for purposes of the Notes, the last paragraph of Section 4.1 of the Base Indenture is hereby amended by replacing the phrase “discharge of this Indenture” with the phrase “discharge of this Indenture with respect to any series of Securities.”

ARTICLE NINE

SUPPLEMENTAL INDENTURES

Solely for purposes of the Notes, Section 9.2 of the Base Indenture is hereby amended by deleting clauses (a), (b), (c) and (d) of Section 9.2 and inserting new clauses (a), (b), (c), (d), (e), (f), (g) and (h) of Section 9.2 as follows:

(a) change the Stated Maturity of the principal of, or any installment of interest on or any Additional Amounts payable with respect to, the Notes of such series;

(b) reduce the principal amount of, or interest on or any Additional Amounts payable with respect to, the Notes of such series, reduce the amount of principal which could be declared due and payable prior to the Stated Maturity or reduce the premium payable upon the redemption thereof;

(c) impair the right to enforce any payment on or after the Stated Maturity or Redemption Date;

(d) change the place or currency of any payment of principal of, premium or interest on, or any Additional Amounts payable with respect to, the Notes of such series;

(e) modify in a manner adverse in any material respect to the Holder of the outstanding Notes of such series the terms and conditions of the Parent under its Guarantee with respect to such Notes or this Indenture;

(f) reduce the percentage in principal amount of the outstanding Notes of such series, the consent of whose Holders is required to modify or amend this Indenture;

 

- 19 -


(g) reduce the percentage of outstanding Notes of such series necessary to waive any past default to less than a majority; or

(h) modify the provisions in this Indenture relating to adding provisions or changing or eliminating provisions of this Indenture or modifying rights of Holders of Notes of such series to waive compliance with any term of this Indenture.

ARTICLE TEN

PROVISION OF INFORMATION

By acceptance of any Note issued hereunder, unless otherwise prohibited by law, each Holder is deemed to agree to provide to the Issuer, upon request, any correct, complete and accurate forms, certification or information that may be required in order for the Issuer to comply with FATCA, CRS and DAC II.

ARTICLE ELEVEN

MISCELLANEOUS

Section 11.01. Application of Supplemental Indenture . The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed. This Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

Section 11.02. Trust Indenture Act Controls . If any provision hereof limits, qualifies or conflicts with the duties imposed by Sections 310 through 317 of the Trust Indenture Act, the imposed duties shall control.

Section 11.03. Conflict with Base Indenture . To the extent not expressly amended or modified by this Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Supplemental Indenture shall control.

Section 11.04. Governing Law; Waiver of Jury Trial . THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE ISSUER, THE PARENT GUARANTOR, THE TRUSTEE AND EACH HOLDER OF ANY NOTE BY ACCEPTANCE THEREOF HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY AND HEREBY.

Section 11.05. Successors and Assigns . All agreements of the Issuer in the Base Indenture, this Supplemental Indenture and the Notes shall bind its successors and assigns. All agreements of the Parent Guarantor in this Supplemental Indenture shall bind its successors and assigns. All agreements of the Trustee in the Base Indenture and this Supplemental Indenture shall bind its successors and assigns.

 

- 20 -


Section 11.06. Counterparts . This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of original Supplemental Indenture No. 2 for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

Section 11.07. Trustee Disclaimer . The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture and the Notes and the Guarantee other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein and in the Notes are deemed to be those of the Issuer and not the Trustee and the Trustee assumes no responsibility for the same. The Trustee or any Authenticating Agent shall not be accountable for the use or application by the Issuer of Notes or the proceeds thereof. Neither the Trustee nor any Paying Agent shall be responsible for monitoring the rating status of the Issuer or the Parent Guarantor, making any request upon any Rating Agency, or determining whether any Rating Event has occurred.

[Remainder of page intentionally left blank]

 

- 21 -


IN WITNESS WHEREOF, the parties to this Supplemental Indenture have caused it to be duly executed as of the day and year first above written.

 

PERRIGO FINANCE UNLIMITED COMPANY
By:  

/s/ Todd W. Kingma

Name:   Todd W. Kingma
Title:   Secretary (Principal Officer)
PERRIGO COMPANY PLC, as the Parent Guarantor
By:  

/s/ Judy L. Brown

Name:   Judy L. Brown
Title:  

Executive Vice President and

Chief Financial Officer

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
By:  

/s/ Martin G. Reed

Name:   Martin G. Reed
Title:   Vice President


Exhibit A-1

Form of Global Note representing the 2021 Notes


EXHIBIT A-1

Form of Global Note representing the 2021 Notes

FACE OF NOTE

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

A-1-1


CUSIP: 71429M AA3

ISIN: US71429MAA36

GLOBAL NOTE

3.500% Senior Notes due 2021

 

No. [    ]    $[        ]

PERRIGO FINANCE UNLIMITED COMPANY promises to pay to CEDE & CO. or registered assigns the principal sum set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto on March 15, 2021.

Interest Payment Dates: March 15 and September 15, commencing September 15, 2016

Record Dates: March 1 and September 1

 

A-1-2


IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed.

 

PERRIGO FINANCE UNLIMITED COMPANY
By:  

 

  Name:
  Title:

CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred to in the within-mentioned Indenture:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee

By:

 

 

 

Authorized Signatory

Dated: March 10, 2016

 

A-1-3


[Reverse Side of Note]

3.500% Senior Notes due 2021

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

1. INTEREST. Perrigo Finance Unlimited Company, a public unlimited company organized under the law of Ireland (the “ Issuer ”), promises to pay interest on the principal amount of this Note at 3.500% per annum from and including March 10, 2016 until but excluding maturity. The Issuer shall pay interest semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “ Interest Payment Date ”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall be September 15, 2016. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

2. METHOD OF PAYMENT. The Issuer shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of business on March 1 and September 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are cancelled after such Record Date and on or before such Interest Payment Date, except as provided in Section 3.7 of the Base Indenture with respect to defaulted interest. Principal, premium, if any, and interest on, and Additional Amounts, if any, payable with respect to, the Notes shall be payable at the office or agency of the Issuer maintained for such purpose; provided that, at the option of the Issuer, interest on the Notes may be paid by mailing checks for such interest to or upon the written order of the Holders thereof at their last address as they shall appear on the Security Register or by wire transfer or other electronic means to Holders of $1,000,000 or more in aggregate principal amount of Securities having wire transfer addresses within the continental United States; provided further that payment by wire transfer of immediately available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

3. PAYING AGENT AND SECURITY REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, shall act as Paying Agent and Security Registrar. Neither the Trustee nor any Paying Agent shall be responsible for monitoring the Issuer’s rating status, making any request upon any rating agency, or determining whether any rating event has occurred. The Issuer may change any Paying Agent or Security Registrar without notice to the Holders. The Issuer or any Wholly-Owned Subsidiary incorporated or organized within the United States of America may act as Paying Agent or Security Registrar.

 

A-1-4


4. INDENTURE. The Issuer issued the Notes under an Indenture, dated as of December 2, 2014 (the “ Base Indenture ”), among the Issuer, Perrigo Company Plc (the “ Parent Guarantor ”) and the Trustee, as supplemented by Supplemental Indenture No. 2 dated as of March 10, 2016 (the “ Supplemental Indenture ” and, together with the Base Indenture, the “ Indenture ”). This Note is one of the duly authorized and issued Notes of the Issuer designated as its 3.500% Senior Notes due 2021. The Issuer shall be entitled to issue Additional Notes pursuant to Article 3 of the Base Indenture and Section 2.01 of the Supplemental Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under the Indenture; provided , that if such Additional Notes are not fungible with the other Notes of such series for U.S. federal income tax purposes, the Additional Notes will be issued under a separate CUSIP number. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “ Trust Indenture Act ”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

5. REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption and tax redemption, as further described in the Indenture.

6. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Security Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note to be redeemed in part. Pursuant to Section 2.3 of the Base Indenture, and except as provided in Section 3.5 of the Base Indenture (as amended by 2.03(g) of the Supplemental Indenture), this Note shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon, and the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced to reflect exchanges or increased to reflect the issuance of Additional Notes.

7. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

8. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture or the Notes may be amended or supplemented as provided in the Indenture.

9. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 5.1 of the Base Indenture, as amended by Section 5.01 of the Supplemental Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Issuer, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture.

 

A-1-5


10. GUARANTEE. Payment of principal of, premium, if any, and interest on, and Additional Amounts, if any, payable with respect to, this Note is fully, irrevocably and unconditionally guaranteed by Perrigo Company plc, a public limited company organized under the law of Ireland, as set forth in the Indenture.

11. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.

12. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

13. CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:

PERRIGO FINANCE UNLIMITED COMPANY

c/o PERRIGO COMPANY PLC

Treasury Building

Lower Grand Canal Street

Dublin 2, Ireland

 

A-1-6


ASSIGNMENT FORM

To assign this Note, fill in the form below:

 

(I) or (we) assign and transfer this Note to:  

 

  (Insert assignee’s legal name)

 

 

(Insert assignee’s Soc. Sec. or tax I.D. no.)

 

 

 

 

 

 

 

 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint                                                                                   to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

Date:  

 

 

Your Signature:  

 

  (Sign exactly as your name appears on the face of this Note)

 

Signature Guarantee*:  

 

   

 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

A-1-7


OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by the Issuer pursuant to Section 6.03 of the Supplemental Indenture, check the appropriate box below:

[    ] Section 6.03

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 6.03 of the Supplemental Indenture, state the amount you elect to have purchased:

 

$            (integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $200,000)   

 

Date:   

 

  

 

Your Signature:   

 

   (Sign exactly as your name appears on the face of this Note)
Tax Identification No.:   

 

 

Signature Guarantee*:   

 

  

 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

A-1-8


SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

The initial outstanding principal amount of this Global Note is $[        ]. The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made:

 

Date of Exchange

   Amount of
decrease
in Principal
Amount
   Amount of increase
in Principal
Amount of this
Global Note
   Principal Amount of
this Global Note
following such
decrease or increase
   Signature of
authorized signatory
of Trustee or
Custodian
           
           
           

 

* This schedule should be included only if the Note is issued in global form

 

A-1-9


NOTATION OF GUARANTEE

For value received, PERRIGO COMPANY PLC, a company duly organized and existing under the laws of Ireland (herein called the “ Parent Guarantor, ” which term includes any successor Person under the Indenture), hereby fully, irrevocably and unconditionally guarantees to the Holder of the Notes and to the Trustee for itself and on behalf of each such Holder the due and punctual payment of the principal of (and premium, if any, on) and interest on the Notes when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture, and all other amounts owed under the Indenture, all in accordance with and subject to the terms and limitations of the Notes and Article 14 of the Base Indenture. In case of the failure of PERRIGO FINANCE UNLIMITED COMPANY, a public unlimited company duly organized under the laws of Ireland (herein called the “ Issuer ,” which term includes any successor Person under such Indenture), to promptly make any such payment of principal (and premium, if any) or interest, or any other payments owed under the Indenture, the Parent Guarantor hereby agrees to cause any such payment of principal (and premium, if any) or interest, and all other amounts owed under the Indenture, to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer, subject to the terms and limitations of Article 14 of the Base Indenture.

The Parent Guarantor hereby agrees that its obligations under the Guarantee and the Indenture shall be as if it were principal debtor and not merely surety, and shall be absolute and unconditional, joint and several, irrespective of, and shall be unaffected by any failure to enforce the provisions of the Notes or the Indenture, or any waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of a Note or the Trustee for such series of Notes or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided, however , that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Parent Guarantor, increase the principal amount of such Note, or increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration or the maturity thereof pursuant to Article 5 of the Base Indenture. The Parent Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to the Notes or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under the Notes and all demands whatsoever, and covenants that the Guarantee of the Parent Guarantor will not be discharged, except, by payment in full of the principal of (and premium, if any, on) and interest on the Notes, or as otherwise set forth in this Indenture; provided , that if any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Parent Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Parent Guarantor any amount paid either to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

The Parent Guarantor shall be subrogated to all rights of the Holder of the Notes and the Trustee for the Notes of such series against the Issuer in respect of any amounts paid to such

 

A-1-10


Holder by the Parent Guarantor pursuant to the provisions of this Guarantee; provided, however , that the Parent Guarantor shall not be entitled to enforce or to receive any payments arising out of or based upon such right of subrogation until the principal of (and premium, if any, on) and interest on all Notes of the same series issued under the Indenture shall have been paid in full.

IN WITNESS HEREOF, the Parent Guarantor has caused this Notation of Guarantee to be duly executed.

 

PERRIGO COMPANY PLC, as the Parent Guarantor
By:  

 

  Name:
  Title:

 

A-1-11


Exhibit A-2

Form of Global Note representing the 2026 Notes


EXHIBIT A-2

Form of Global Note representing the 2026 Notes

FACE OF NOTE

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

A-2-1


CUSIP 71429M AB1

ISIN US71429MAB19

GLOBAL NOTE

4.375% Senior Notes due 2026

 

No. [    ]    $[        ]

PERRIGO FINANCE UNLIMITED COMPANY promises to pay to CEDE & CO. or registered assigns the principal sum set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto on March 15, 2026.

Interest Payment Dates: March 15 and September 15, commencing September 15, 2016

Record Dates: March 1 and September 1

 

A-2-2


IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed.

 

PERRIGO FINANCE UNLIMITED COMPANY
By:  

 

  Name:
  Title:

CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred to in the within-mentioned Indenture:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
By:  

 

  Authorized Signatory

Dated: March 10, 2016

 

A-2-3


[Reverse Side of Note]

4.375% Senior Notes due 2026

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

1. INTEREST. Perrigo Finance Unlimited Company, a public unlimited company organized under the law of Ireland (the “ Issuer ”), promises to pay interest on the principal amount of this Note at 4.375% per annum from and including March 10, 2016 until but excluding maturity. The Issuer shall pay interest semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “ Interest Payment Date ”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall be September 15, 2016. The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months.

2. METHOD OF PAYMENT. The Issuer shall pay interest on the Notes to the Persons who are registered holders of Notes at the close of business on March 1 and September 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, even if such Notes are cancelled after such Record Date and on or before such Interest Payment Date, except as provided in Section 3.7 of the Base Indenture with respect to defaulted interest. Principal, premium, if any, and interest on, and Additional Amounts, if any, payable with respect to, the Notes shall be payable at the office or agency of the Issuer maintained for such purpose; provided that, at the option of the Issuer, interest on the Notes may be paid by mailing checks for such interest to or upon the written order of the Holders thereof at their last address as they shall appear on the Security Register or by wire transfer or other electronic means to Holders of $1,000,000 or more in aggregate principal amount of Securities having wire transfer addresses within the continental United States; provided further that payment by wire transfer of immediately available funds shall be required with respect to principal, premium, if any, and interest on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent at least five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

3. PAYING AGENT AND SECURITY REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, shall act as Paying Agent and Security Registrar. Neither the Trustee nor any Paying Agent shall be responsible for monitoring the Issuer’s rating status, making any request upon any rating agency, or determining whether any rating event has occurred. The Issuer may change any Paying Agent or Security Registrar without notice to the Holders. The Issuer or any Wholly-Owned Subsidiary incorporated or organized within the United States of America may act as Paying Agent or Security Registrar.

 

A-2-4


4. INDENTURE. The Issuer issued the Notes under an Indenture, dated as of December 2, 2014 (the “ Base Indenture ”), among the Issuer, Perrigo Company Plc (the “ Parent Guarantor ”) and the Trustee, as supplemented by Supplemental Indenture No. 2 dated as of March 10, 2016 (the “ Supplemental Indenture ” and, together with the Base Indenture, the “ Indenture ”). This Note is one of the duly authorized and issued Notes of the Issuer designated as its 4.375% Senior Notes due 2026. The Issuer shall be entitled to issue Additional Notes pursuant to Article 3 of the Base Indenture and Section 2.01 of the Supplemental Indenture. The Notes and any Additional Notes issued under the Indenture shall be treated as a single class of securities under the Indenture; provided , that if such Additional Notes are not fungible with the other Notes of such series for U.S. federal income tax purposes, the Additional Notes will be issued under a separate CUSIP number. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “ Trust Indenture Act ”). The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

5. REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption and tax redemption, as further described in the Indenture.

6. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $200,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Security Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note to be redeemed in part. Pursuant to Section 2.3 of the Base Indenture, and except as provided in Section 3.5 of the Base Indenture (as amended by 2.03(g) of the Supplemental Indenture), this Note shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon, and the aggregate amount of Outstanding Notes represented thereby may from time to time be reduced to reflect exchanges or increased to reflect the issuance of Additional Notes.

7. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes.

8. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture or the Notes may be amended or supplemented as provided in the Indenture.

9. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 5.1 of the Base Indenture, as amended by Section 5.01 of the Supplemental Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Issuer, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture.

 

A-2-5


10. GUARANTEE. Payment of principal of, premium, if any, and interest on, and Additional Amounts, if any, payable with respect to, this Note is fully, irrevocably and unconditionally guaranteed by Perrigo Company plc, a public limited company organized under the law of Ireland, as set forth in the Indenture.

11. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee.

12. GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

13. CUSIP AND ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

The Issuer shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:

PERRIGO FINANCE UNLIMITED COMPANY

c/o PERRIGO COMPANY PLC

Treasury Building

Lower Grand Canal Street

Dublin 2, Ireland

 

A-2-6


ASSIGNMENT FORM

To assign this Note, fill in the form below:

 

(I) or (we) assign and transfer this Note to:   

 

   (Insert assignee’s legal name)

 

(Insert assignee’s Soc. Sec. or tax I.D. no.)

 

 

 

 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint                                                                                   to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

Date:  

 

     
     

Your Signature:

 

 

        (Sign exactly as your name appears on the face of this Note)
Signature Guarantee*:  

 

     

 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

A-2-7


OPTION OF HOLDER TO ELECT PURCHASE

If you want to elect to have this Note purchased by the Issuer pursuant to Section 6.03 of the Supplemental Indenture, check the appropriate box below:

[    ] Section 6.03

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 6.03 of the Supplemental Indenture, state the amount you elect to have purchased:

 

$            (integral multiples of $1,000, provided that the unpurchased portion must be in a minimum principal amount of $200,000)   

 

Date:   

 

  

 

Your Signature:   

 

   (Sign exactly as your name appears on the face of this Note)
Tax Identification No.:   

 

 

Signature Guarantee*:   

 

  

 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

A-2-8


SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

The initial outstanding principal amount of this Global Note is $[        ]. The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made:

 

Date of Exchange

   Amount of
decrease
in Principal
Amount
   Amount of increase
in Principal
Amount of this
Global Note
   Principal Amount of
this Global Note
following such
decrease or increase
   Signature of
authorized signatory
of Trustee or
Custodian
           
           
           

 

* This schedule should be included only if the Note is issued in global form

 

A-2-9


NOTATION OF GUARANTEE

For value received, PERRIGO COMPANY PLC, a company duly organized and existing under the laws of Ireland (herein called the “ Parent Guarantor, ” which term includes any successor Person under the Indenture), hereby fully, irrevocably and unconditionally guarantees to the Holder of the Notes and to the Trustee for itself and on behalf of each such Holder the due and punctual payment of the principal of (and premium, if any, on) and interest on the Notes when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of the Indenture, and all other amounts owed under the Indenture, all in accordance with and subject to the terms and limitations of the Notes and Article 14 of the Base Indenture. In case of the failure of PERRIGO FINANCE UNLIMITED COMPANY, a public unlimited company duly organized under the laws of Ireland (herein called the “ Issuer ,” which term includes any successor Person under such Indenture), to promptly make any such payment of principal (and premium, if any) or interest, or any other payments owed under the Indenture, the Parent Guarantor hereby agrees to cause any such payment of principal (and premium, if any) or interest, and all other amounts owed under the Indenture, to be made promptly when and as the same shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Issuer, subject to the terms and limitations of Article 14 of the Base Indenture.

The Parent Guarantor hereby agrees that its obligations under the Guarantee and the Indenture shall be as if it were principal debtor and not merely surety, and shall be absolute and unconditional, joint and several, irrespective of, and shall be unaffected by any failure to enforce the provisions of the Notes or the Indenture, or any waiver, modification or indulgence granted to the Issuer with respect thereto, by the Holder of a Note or the Trustee for such series of Notes or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor; provided , however , that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Parent Guarantor, increase the principal amount of such Note, or increase the interest rate thereon, or increase any premium payable upon redemption thereof, or alter the Stated Maturity thereof, or increase the principal amount of any Original Issue Discount Security that would be due and payable upon a declaration of acceleration or the maturity thereof pursuant to Article 5 of the Base Indenture. The Parent Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to the Notes or the indebtedness evidenced thereby or with respect to any sinking fund or analogous payment required under the Notes and all demands whatsoever, and covenants that the Guarantee of the Parent Guarantor will not be discharged, except, by payment in full of the principal of (and premium, if any, on) and interest on the Notes, or as otherwise set forth in this Indenture; provided , that if any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Parent Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Parent Guarantor any amount paid either to the Trustee or such Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

The Parent Guarantor shall be subrogated to all rights of the Holder of the Notes and the Trustee for the Notes of such series against the Issuer in respect of any amounts paid to such

 

A-2-10


Holder by the Parent Guarantor pursuant to the provisions of this Guarantee; provided, however , that the Parent Guarantor shall not be entitled to enforce or to receive any payments arising out of or based upon such right of subrogation until the principal of (and premium, if any, on) and interest on all Notes of the same series issued under the Indenture shall have been paid in full.

IN WITNESS HEREOF, the Parent Guarantor has caused this Notation of Guarantee to be duly executed.

 

PERRIGO COMPANY PLC, as the Parent Guarantor
By:  

 

  Name:
  Title:

 

A-2-11

Exhibit 5.1

 

A&L Goodbody Solicitors International Financial Services Centre North Wall Quay Dublin 1

Tel: +353 1 649 2000 Fax: +353 1 649 2649 email: info@algoodbody.com website: www.algoodbody.com dx: 29 Dublin

 

LOGO

 

Our ref    |    01416896    Your ref    |    Date    |    10 March 2016

 

To:   

Perrigo Company plc,

Treasury Building,

Lower Grand Canal St.,

Dublin 2,

Ireland.

Perrigo Finance Unlimited Company (the Issuer) - issue of US$500,000,000 3.500% Senior Notes due 2021 and US$700,000,000 4.375% Senior Notes due 2026 (together, the Notes), fully and unconditionally guaranteed by Perrigo Company plc (the Parent Guarantor)

Dear Sirs,

We have acted as solicitors in Ireland to the Parent Guarantor and to the Issuer in connection with the issue of the Notes by the Issuer, which Notes are fully and unconditionally guaranteed by the Parent Guarantor on an unsecured basis.

Documents examined

 

1. For the purpose of giving this Opinion we have examined:

 

  1.1. copies of a shelf registration statement on Form S-3 dated 20 November 2014 (the Registration Statement) filed with the United States Securities and Exchange Commission (the SEC ), the preliminary prospectus supplement dated 7 March 2016 relating to, amongst other things, the Notes (the Preliminary Prospectus Supplement) and the prospectus supplement dated 7 March 2016 relating to the Notes (the Prospectus Supplement);

 

  1.2. the underwriting agreement dated 7 March 2016 relating to the Notes made between the Issuer, the Parent Guarantor, and the Underwriters (the Underwriting Agreement);

 

  1.3. the indenture dated as of 2 December 2014 relating to the Notes made between the Issuer, the Parent Guarantor and Wells Fargo Bank, National Association (as Trustee) (the Base Indenture);

 

  1.4. the supplemental indenture no. 2 dated as of 10 March 2016 relating to the Notes among the Issuer, the Parent Guarantor and the Trustee (the Supplemental Indenture and together with the Base Indenture, the Indenture);

 

LOGO

 

 

 

 

LOGO

 

 


 

 

  1.5. the forms of certificates representing the Notes dated 10 March 2016 (the Notes Certificates);

 

  1.6. a certificate of the Parent Guarantor dated 10 March 2016 attaching:

 

  1.6.1. copies of the certificate of incorporation, certificate of incorporation on change of name, certificate of incorporation on re-registration as a public limited company and the memorandum and articles of association of the Parent Guarantor;

 

  1.6.2. a copy of the secretary’s certificate of the Parent Guarantor dated 22 February 2016 containing a certified copy of the resolutions passed by the board of directors of the Parent Guarantor on 16 February 2016; and

 

  1.6.3. a list of persons authorised to execute the Agreements (as defined below) on behalf of the Parent Guarantor;

 

  1.7. a certificate of the Issuer dated 10 March 2016 attaching:

 

  1.7.1. copies of the certificate of incorporation, certificate of incorporation on change of name, certificate of incorporation on re-registration as a public unlimited company and the constitution of the Issuer;

 

  1.7.2. a copy of the secretary’s certificate of the Issuer dated 26 February 2016 containing a certified extract copy of the resolutions passed at a meeting of the board of directors of the Issuer held on 26 February 2016; and

 

  1.7.3. a list of persons authorised to execute the Agreements on behalf of the Issuer; and

 

  1.8. such other documents we regard as necessary or desirable for the purpose of giving this Opinion.

BASES OF OPINION

2.

 

  2.1. In this Opinion

 

  (i) the Agreements means the Underwriting Agreement, the Indenture and the Notes Certificates; and

 

  (ii) the Irish Parties means the Parent Guarantor and the Issuer.

 

 

 

 

LOGO

 

 

2


 

 

  2.2. Terms and expressions which are defined in the Prospectus Supplement or in the Agreements have the same respective meanings where used in this Opinion.

 

  2.3. This Opinion is confined to matters of Irish law as applied by the courts of Ireland as at the date hereof and is given on the basis that it shall .be governed by and construed in accordance with Irish law without reference to the provision of other laws imported by private international law. We have made no investigation of, and express no opinion as to, the laws of any other jurisdiction.

 

  2.4. This Opinion is limited strictly to the matters stated herein and is not to be read as extending, by implication or otherwise, to any other matter.

Assumptions:

 

3. For the purpose of issuing this Opinion we have made the following assumptions without any responsibility on our part if any assumption proves to have been untrue as we have not independently verified any assumption:

 

  3.1. that under the laws of the State of New York:

 

  3.1.1. the form and terms and conditions of the Notes; and

 

  3.1.2. the provisions of the Agreements

 

       are valid and binding on the parties to be bound thereby;

 

  3.2. the authenticity of all documents submitted to us as originals;

 

  3.3. the completeness and conformity to the originals of all copy letters, resolutions, documents, certificates, permissions, minutes, licences, authorisations and all other copy documents of any kind furnished to us;

 

  3.4. the genuineness of all signatures and seals upon original documents;

 

 

 

 

LOGO

 

 

3


 

 

  3.5. the accuracy and completeness of all information appearing on public records which we have examined for the purpose of this Opinion;

 

  3.6. that the certified copies produced to us of minutes of meetings (or extracts thereof) and/or of resolutions are true copies and correctly record the proceedings at such meetings and/or the subject matter which they purport to record, and that all meetings referred to in such copies were duly convened and held, that those present at any such meetings acted bona fide throughout, that all resolutions set out in such copies were duly passed and that no further resolutions have been passed or corporate or other actions taken which would or might alter the effectiveness thereof;

 

  3.7. that the Agreements have each been executed and delivered by each of the parties thereto (other than the Irish Parties) in the respective forms examined by us;

 

  3.8. the due authorisation, execution and delivery of the Agreements by each of the parties thereto (other than the Irish Parties) and that the performance thereof is within the capacity and power of each of the parties thereto (other than the Irish Parties);

 

  3.9. the absence of any other arrangements between any of the parties to the Agreements which modify or supersede any of the terms of the Agreements;

 

  3.10. that each of the Underwriters to the extent its activities in relation to the Notes would constitute operating in Ireland as an investment firm (within the meaning of the European Communities (Markets in Financial Instruments) Regulations, 2007 (as amended) (the MIFID Regulations) is acting under and within the terms of an authorisation to do so, which authorisation has been given by the competent authority under the MIFID Regulations or by a competent authority, for the purpose of Directive 2004/39/EC of the European Parliament, in another Member State, or is exempt from the requirement to have such authorisation;

 

  3.11. that any offer of Notes in the European Economic Area will only be made in circumstances which do not require the publication of a prospectus pursuant to Regulation 9 of the Prospectus (Directive 2003/71/EC) Regulations 2005 (as amended) of Ireland (the Prospectus Regulations);

 

  3.12. that any course of conduct engaged in, or any act done either in Ireland or abroad by any person for the purpose of stabilising the price of the Notes will be, or has been, engaged in or done in conformity with Part 23, Chapter 2 of the Companies Act 2014 (as

 

 

 

 

LOGO

 

 

4


 

  amended) of Ireland (the Companies Act), the Irish Market Abuse (Directive 2003/6/EC) Regulations, 2005 (as amended) and any rules issued under Section 1370 of the Companies Act by the Central Bank of Ireland;

 

  3.13. that on each interest payment date book entry interests in the Notes will be held in DTC;

 

  3.14. that each of the parties to the Agreements (other than the Irish Parties) are able lawfully to enter into such agreement or deed;

 

  3.15. that the Notes will have been duly prepared and completed in accordance with the provisions and arrangements contained or described in the Prospectus Supplement and the Indenture;

 

  3.16. that no payment of interest on the Notes will be made through or by a paying agent in Ireland;

 

  3.17. that the Irish Parties will not, by their entry into the Agreements and the performance of the transactions contemplated thereby, be giving financial assistance for the purposes of section 82 of the Companies Act; and

 

  3.18. that the Irish Parties have entered into the Indenture in good faith, for legitimate business purposes, for good consideration and that they will derive a commercial benefit therefrom.

OPINION

 

4. Subject to the assumptions set out at 3 above, and the qualifications set out at 5 below, we are of the opinion that:

The Parent Guarantor

 

  4.1. the Parent Guarantor is duly incorporated under the laws of Ireland as a public company with limited liability, is subject to suit in its own name, and has full power and capacity to give the Guarantee as set out in the Indenture, to execute and deliver the Agreements, to undertake and perform its obligations thereunder, and has all necessary corporate capacity to carry on its business as described in the Preliminary Prospectus Supplement and the Prospectus Supplement;

 

 

 

 

LOGO

 

 

5


 

 

  4.2. based only upon searches carried out at the Companies Registration Office in Dublin and at the Central Office of the High Court in Ireland in each case on 10 March 2016, no order has been made or resolution passed for the winding up of, or the appointment of an examiner to, the Parent Guarantor and no notice of the appointment of any receiver or liquidator to the Parent Guarantor has been filed;

 

  4.3. the Agreements have each been duly authorised, executed and delivered by the Parent Guarantor and the obligations of the Parent Guarantor therein are valid and legally binding on, and are in a form capable of enforcement against the Parent Guarantor under the laws of Ireland in the courts of Ireland in accordance with their respective terms;

 

  4.4. all actions necessary under the laws of Ireland have been duly taken by or on behalf of the Parent Guarantor and all authorisations and approvals necessary under the laws of Ireland have been duly obtained for the authorisation, execution and delivery by the Parent Guarantor of the Agreements and the performance by the Parent Guarantor of its obligations thereunder;

 

  4.5. the execution and delivery of the Agreements by the Parent Guarantor and the performance by the Parent Guarantor of its obligations thereunder will not result in any violation of Irish law or the memorandum and articles of association or the certificate of incorporation of the Parent Guarantor and will not contravene or constitute a default under any statute, regulation, rule, order or judgement of any governmental authority of Ireland by which the Parent Guarantor is bound;

Issuer

 

  4.6. The Issuer is duly incorporated under the laws of Ireland as a public unlimited company, subject to suit in its own name, and has full power and capacity to issue the Notes as set out in the Indenture, to execute and deliver the Agreements, to undertake and perform its obligations thereunder and to carry on its business as described in the Preliminary Prospectus Supplement and the Prospectus Supplement;

 

  4.7. based only upon searches carried out at the Companies Registration Office in Dublin and at the Central Office of the High Court in Ireland in each case on 10 March 2016, no order has been made or resolution passed for the winding up of, or the appointment of an examiner to, the Issuer and no notice of the appointment of any receiver or liquidator to the Issuer has been filed;

 

 

 

 

LOGO

 

 

6


 

 

  4.8. the Agreements have each been duly authorised, executed and delivered by the Issuer and the obligations of the Issuer therein are valid and legally binding on, and are in a form capable of enforcement against the Issuer under the laws of Ireland in the courts of Ireland in accordance with their respective terms;

 

  4.9. all actions necessary under the laws of Ireland have been duly taken by or on behalf of the Issuer and all authorisations and approvals necessary under the laws of Ireland have been duly obtained for the authorisation, execution and delivery by the Issuer of the Agreements and the performance by the Issuer of its obligations thereunder and the issue of the Notes by the Issuer; and

 

  4.10. the issue of the Notes by the Issuer, the execution and delivery of the Agreements by the Issuer and the performance by the Issuer of its obligations thereunder will not result in any violation of Irish law, the constitution of the Issuer or the certificate of incorporation of the Issuer, the certificate of incorporation on the change of name of the Issuer or the certificate of incorporation on re-registration of the Issuer as a public unlimited company and will not contravene or constitute a default under any statute, regulation, rule, order or judgement of any governmental authority of Ireland by which the Issuer is bound.

QUALIFICATIONS

 

5. The Opinions expressed at 4 above are subject to the following qualifications:

 

  5.1. the term “enforceable” as used above means that the obligations assumed by the Issuer or the Parent Guarantor are of a type which the courts of Ireland enforce. It does not mean or imply that those obligations will necessarily be enforced in all circumstances or that any particular remedy will be available. In particular:

 

  5.1.1. enforcement may be limited by laws from time to time relating to bankruptcy, insolvency, liquidation, examinership, receivership, preferential creditors, limitations of actions and laws of general application relating to or affecting the rights of creditors;

 

  5.1.2. where obligations of the Issuer or the Parent Guarantor are to be performed in a jurisdiction outside Ireland, they may not be enforceable in Ireland to the extent that performance would be illegal under the laws of that jurisdiction;

 

 

 

 

LOGO

 

 

7


 

 

  5.1.3. claims in respect of Notes or the Guarantee may be or become the subject of set-off or counterclaim;

 

  5.1.4. enforcement may be limited by general principles of equity - for example specific performance or other equitable remedies are a discretion and may not be available where damages are considered by the courts to be an adequate remedy;

 

  5.1.5. claims may become barred under relevant statutes of limitation if not pursued within the time limited by such statutes whether by an originating action in Ireland or by an action to enforce a final judgement given by a United States or State Court in the State of New York or County of New York; and

 

  5.1.6. enforcement may also be limited as a result of:

 

  (1) the provision of Irish law applicable to contracts held to have become frustrated by events happening after their execution, or

 

  (2) any breach of the terms of an agreement by the parties seeking to enforce the same;

 

  5.2. a determination, description, calculation, opinion or certificate of any party under the Agreements as to any matter provided for in the Agreements might be held by the courts of Ireland not to be final, conclusive or binding if it could be shown to have been made on an unreasonable, incorrect or arbitrary basis or not to have been made in good faith;

 

  5.3. the courts of Ireland may refuse to award legal expenses or costs in respect of any action before them where application for the same is made on the basis of any indemnity contained in the Agreements;

 

  5.4. any currency indemnity contained in the Agreements may not be enforceable;

 

  5.5. any transfer of, or payment in respect of a Note or Agreement involving any country or person which is currently the subject of an order made by the Minister for Finance of Ireland restricting financial transfers pursuant to the Financial Transfers Act, 1992 and/or Section 42 of the Criminal Justice (Terrorist Offences) Act, 2005 and any transfer of, or payment in respect of, a Note or Agreement involving the government of any country

 

 

 

 

LOGO

 

 

8


 

  which is currently the subject of United Nations sanctions, any person or body resident in, incorporated in or constituted under the laws of any such country or exercising public functions in any such country or any person or body controlled by any of the foregoing may be subject to restrictions pursuant to such sanctions as implemented in Irish law; and

 

  5.6. we express no opinion as to matters of tax or on the contractual terms of the Agreements other than by reference to the legal character thereof.

We hereby consent to the filing of this opinion with the SEC as an exhibit to the current report on Form 8-K filed by the Parent Guarantor on the date hereof. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under section 7 of the Securities Act or the rules and regulations of the SEC thereunder. We assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein.

 

Yours faithfully,
/s/ A&L Goodbody
M-29885001-5

 

 

 

 

LOGO

 

 

9

Exhibit 5.2

March 10, 2016

Perrigo Company plc

Perrigo Finance Unlimited Company

Treasury Building

Lower Grand Canal Street

Dublin 2, Ireland

Ladies and Gentlemen:

We are acting as counsel to Perrigo Company plc, a public limited company incorporated under the laws of Ireland (the “ Parent Guarantor ”), and Perrigo Finance Unlimited Company, a public unlimited company incorporated under the laws of Ireland (the “ Company ”), in connection with the Registration Statement on Form S-3, as may be amended from time to time (the “ Registration Statement ”), under the Securities Act of 1933, as amended (the “ Securities Act ”), with respect to the Company’s issuance and sale of $500,000,000 principal amount of its 3.500% Senior Notes due 2021 (the “ 2021 Notes ”) and $700,000,000 principal amount of its 4.375% Senior Notes due 2026 (the “ 2026 Notes ” and, together with the 2021 Notes, the “ Debt Securities ”), to be issued under the indenture, dated as of December 2, 2014 (the “ Base Indenture ”), as supplemented by the Supplemental Indenture No. 2, dated as of March 10, 2016 (the “ Second Supplemental Indenture ” and, together with the Base Indenture, the “ Indenture ”), among the Company, the Parent Guarantor and Wells Fargo Bank, National Association, as trustee (in such capacity, the “ Trustee ”) and (ii) the related guarantee (the “ Guarantee ” and, together with the Debt Securities, the “ Securities ”) by the Parent Guarantor of the Company’s obligations under the Debt Securities. The Securities are being purchased and sold pursuant to an Underwriting Agreement, dated March 7, 2016 (the “ Underwriting Agreement ”), among the Company, the Parent Guarantor and HSBC Securities (USA) Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC, as representatives of the several Underwriters named therein. With your permission, all assumptions and statements of reliance herein have been made without any independent investigation or verification on our part, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

In connection with this opinion, we have (i) investigated such questions of law, (ii) examined originals or certified, conformed, facsimile, electronic, photostatic or reproduction copies of such agreements, instruments, documents and records of the Company and the Parent Guarantor, such certificates of public officials and such other documents, and (iii) received such information from officers and representatives of the Company and the Parent Guarantor as we have deemed necessary or appropriate for the purposes of this opinion. We have examined, among other documents, the following:

 

  (a) an executed copy of the Underwriting Agreement;

 

  (b) executed copies of the Debt Securities issued and delivered on the date hereof;

 


Perrigo Company   - 2 -   March 10, 2016

 

  (c) an executed copy of the Base Indenture; and

 

  (d) an executed copy of the Second Supplemental Indenture.

The documents referred to in items (a) through (d) above, inclusive, are referred to herein collectively as the “ Documents .”

In all such examinations, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of original and certified documents and the conformity to original or certified documents of all copies submitted to us as certified, conformed, facsimile, electronic, photostatic or reproduction copies. As to various questions of fact relevant to the opinions expressed herein, we have relied upon, and assume the accuracy of, statements, representations and warranties contained in the Underwriting Agreement and certificates and oral or written statements and other information of or from public officials, officers or other representatives of the Company, the Parent Guarantor and others, and assume compliance on the part of all parties to the Documents with their covenants and agreements contained therein.

To the extent it may be relevant to the opinions expressed herein, we have assumed that (i) the Debt Securities have been duly authenticated and delivered by the Trustee; (ii) all of the parties to the Documents are validly existing and in good standing under the laws of their respective jurisdictions of formation and have the power and authority to (a) execute and deliver the Documents, (b) perform their obligations thereunder and (c) consummate the transactions contemplated thereby; (iii) each of the Documents has been duly authorized, executed and delivered by all of the parties thereto (other than the execution and delivery of the Documents by the Company and the Parent Guarantor, to the extent execution and delivery is governed by New York law), the execution thereof does not violate the charter, the by-laws or any other organizational document of any such parties or the laws of the jurisdiction of formation of any such parties, and each of the Documents constitutes a valid and binding obligation of all the parties thereto (other than as expressly addressed in the opinions below as to the Company and the Parent Guarantor) enforceable against such parties in accordance with their respective terms; and (iv) all of the parties to the Documents will comply with all of their obligations under the Documents and all laws applicable thereto.

Based upon the foregoing and subject to the limitations, qualifications and assumptions set forth herein we are of the opinion that:

 

  1. The Debt Securities, when duly executed and authenticated in accordance with the terms of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of the Underwriting Agreement, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms and entitled to the benefits of the Indenture.


Perrigo Company   - 3 -   March 10, 2016

 

  2. The Guarantee, when the Debt Securities have been duly executed and authenticated in accordance with the terms of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of the Underwriting Agreement, will constitute a valid and binding obligation of the Parent Guarantor, enforceable against the Parent Guarantor in accordance with its terms and entitled to the benefits of the Indenture.

The opinions set forth above are subject to the following qualifications:

A. the opinions expressed herein are subject to the following: (i) bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance and other similar laws (or related judicial doctrines) now or hereafter in effect affecting creditors’ rights or remedies generally; (ii) general principles of equity (including, without limitation, standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies) whether such principles are considered in a proceeding at law or in equity; and (iii) the application of any applicable fraudulent conveyance, fraudulent transfer, fraudulent obligation, or preferential transfer law or any law governing the distribution of assets of any person now or hereafter in effect affecting creditors’ rights and remedies generally;

B. we express no opinion as to the validity, binding effect or enforceability of any provision of any of the Documents

 

  i. relating to indemnification, contribution or exculpation;

 

  ii. related to choice of governing law to the extent that the validity, binding effect or enforceability of any such provision is to be determined by any court other than a court of the State of New York or a federal district court sitting in the State of New York, in each case, applying the choice of law principles of the State of New York;

 

  iii. purporting to give any person or entity the power to accelerate obligations without any notice to the obligor;

 

  iv. specifying that provisions thereof may be waived only in writing;


Perrigo Company   - 4 -   March 10, 2016

 

  v. containing any purported waiver, release, variation, disclaimer, consent or other agreement of similar effect (all of the foregoing, collectively, a “Waiver”) by the Company under any of such Documents to the extent limited by provisions of applicable law (including judicial decisions), or to the extent that such a Waiver applies to a right, claim, duty, defense or ground for discharge otherwise existing or occurring as a matter of law (including judicial decisions), except to the extent that such a Waiver is effective under, and is not prohibited by or void or invalid under provisions of applicable law (including judicial decisions);

 

  vi. related to (w) forum selection or submission to jurisdiction (including, without limitation, any waiver of any objection to venue in any court or of any objection that a court is an inconvenient forum) to the extent the validity, binding effect or enforceability of any provision is to be determined by any court other than a court of the State of New York, (x) choice of governing law to the extent that the validity, binding effect or enforceability of any such provision is to be considered by any court other than a court of the State of New York or a federal district court sitting in the State of New York and applying the law of the State of New York, in each case, applying the choice of law principles of the State of New York, (y) service of process or (z) waiver of any rights to trial by jury;

 

  vii. purporting to give any person or entity the power to accelerate obligations without any notice to the obligor;

 

  viii. which may be construed to be in the nature of a penalty;

 

  ix. specifying that any person may exercise set-off or similar rights other than in accordance with applicable law;

 

  x. relating to payment of late charges, interests (or discount or equivalent amounts), premium, “make-whole” payments, collection costs or fees at a rate or in an amount, after or upon the maturity or acceleration of the liabilities evidenced or secured thereby or after or during the continuance of any default or other circumstance, or upon prepayment, that a court would determine in the circumstances to be unreasonable, a penalty or a forfeiture; or

 

  xi. requiring that any unearned portion of the Debt Securities issued at a discount be paid upon acceleration or otherwise earlier than the stated final maturity;

C. we express no opinion as to the effect of any law of any jurisdiction other than the State of New York wherein any party to the Documents may be located or wherein enforcement of any Documents may be sought that limits the rates or interest legally chargeable or collectible; and


Perrigo Company   - 5 -   March 10, 2016

 

D. we express no opinion as to any agreement, instrument or other document (including any agreement, instrument or other document referred to, or incorporated by reference in, the Documents) other than the Documents.

The opinions expressed herein are limited to the laws of the State of New York, each as currently in effect, and no opinion is expressed with respect to any other laws or any effect that such other laws may have on the opinions expressed herein. The opinions expressed herein are limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein. This letter is given only as of the time of its delivery, and we undertake no responsibility to update or supplement this letter after its delivery.

We hereby consent to the filing of this opinion as an exhibit to the report on Form 8-K filed by the Company on the date hereof. In giving these consents, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

/s/ Fried, Frank, Harris,

Shriver & Jacobson LLP

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Transition
Period from
June 18 to
December 31
    Fiscal Years  
(Dollars in millions)    2015     2015      2014      2013      2012      2011  

Earnings (losses)

                

Pretax income (loss) related to continuing operations before adjustments for income or loss from equity investees

   $ (23.2   $ 248.0       $ 272.6       $ 607.7       $ 512.0       $ 450.6   

Fixed charges

     97.6        159.1         117.1         79.2         72.6         51.3   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings available for fixed charges

   $ 74.4      $ 407.1       $ 389.7       $ 686.9       $ 584.6       $ 501.9   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Fixed charges

                

Interest expense

   $ 88.9      $ 146.0       $ 105.6       $ 70.0       $ 64.7       $ 44.3   

Rent interest factor

     8.7        13.1         11.5         9.2         7.9         7.0   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total fixed charges

   $ 97.6      $ 159.1       $ 117.1       $ 79.2       $ 72.6       $ 51.3   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Ratio of earnings to fixed charges

     (1     2.6x         3.3x         8.7x         8.1x         9.8x   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) The ratio of earnings to fixed charges was less than one-to-one for the transition period from June 28, 2015 to December 31, 2015. The total fixed charges for that period were $97.6 million, and the total earnings were $74.4 million. The deficiency amount or the amount of fixed charges in excess of earnings for that period was $23.2 million.

Exhibit 99.1

 

LOGO

PERRIGO COMPANY PLC ANNOUNCES THE PRICING OF A SENIOR NOTES OFFERING BY ITS

FINANCE SUBSIDIARY, PERRIGO FINANCE UNLIMITED COMPANY

Dublin, Ireland — (March 8, 2016) — Perrigo Company plc (“Perrigo” or the “Company”) (NYSE: PRGO; TASE), a leading global provider of “Quality Affordable Healthcare Products ® ,” today announced the pricing of the previously announced registered public offering by Perrigo Finance Unlimited Company, a public unlimited company incorporated under the laws of Ireland (the “Issuer”), and a wholly-owned finance subsidiary of Perrigo, of $1.2 billion senior notes of the Issuer consisting of $500.0 million aggregate principal amount of its 3.500% Senior Notes due 2021 (the “2021 Notes”) and $700.0 million aggregate principal amount of its 4.375% Senior Notes due 2026 (the “2026 Notes” and, together with the 2021 Notes, the “Notes”). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Perrigo. The 2021 Notes were sold at a public offering price of 99.908% of the aggregate principal amount thereof and the 2026 Notes were sold at a public offering price of 99.751% of the aggregate principal amount thereof.

Perrigo estimates that the net proceeds from the offering will be approximately $1,188.2 million, after deducting the underwriting discount and offering expenses payable by the Issuer.

Perrigo intends to use the net proceeds of the offering to repay amounts borrowed under a senior unsecured 364-day revolving credit agreement with the Issuer, as borrower, the Company, as guarantor, and a syndicate of financial institutions, as lenders, HSBC Bank USA, N.A., as administrative agent, and Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as syndication agents, and a senior unsecured five-year revolving credit agreement with the Issuer, as borrower, the Company, as guarantor, and a syndicate of financial institutions, as lenders, JPMorgan Chase Bank, N.A., as administrative agent, and Barclays Bank plc, as syndication agent, with the balance used for general corporate purposes. The offering is expected to close on or about March 10, 2016.

BofA Merrill Lynch, HSBC and Morgan Stanley are the joint book-running managers in the offering.

The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The offering will be made only by means of a prospectus supplement relating to the offering and the accompanying base prospectus, copies of which may be obtained by contacting: HSBC Securities (USA) Inc. toll free at (866) 811-8049; Merrill Lynch, Pierce, Fenner & Smith Incorporated toll free at (800) 294-1322; or Morgan Stanley & Co. LLC toll free at (866) 718-1649.

About Perrigo

Perrigo Company plc is a top five global over-the-counter (“OTC”) consumer goods and leading specialty pharmaceutical company, offering patients and customers high-quality products at affordable prices. From the Company’s beginning in 1887 as a packager of home remedies, it has grown to become the world’s largest manufacturer of OTC healthcare products and supplier of infant formulas for the store brand market. The Company is also a leading provider of generic extended topical prescription products, and it receives royalties from sales of the multiple sclerosis drug Tysabri ® . The Company provides “Quality Affordable Healthcare Products ® ” across a wide variety of product categories and geographies, primarily in North America, Europe and Australia, as well as in other markets, including Israel and China.


For more information:

Bradley Joseph, Vice President, Global Investor Relations and Communications, (269) 686-3373, E-mail: bradley.joseph@perrigo.com; and Arthur J. Shannon, Vice President, Global Corporate Affairs and European Investor Relations, (269) 686-1709, E-mail: ajshannon@perrigo.com.

No Offer or Solicitation

This press release does not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains so-called “forward-looking statements” within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the Company’s, or its industry’s, actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. Risks and uncertainties include risks relating to the successful completion of the transactions contemplated herein. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-KT for the transition period from June 28, 2015 to December 31, 2015, in the subsequent filings with the SEC and in other investor communications of the Company from time to time, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this document are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Exhibit 99.2

 

LOGO

PERRIGO COMPANY PLC ANNOUNCES THE CLOSING OF A SENIOR NOTES OFFERING

BY ITS FINANCE SUBSIDIARY, PERRIGO FINANCE UNLIMITED COMPANY

Dublin, Ireland — (March 10, 2016) — Perrigo Company plc (“Perrigo” or the “Company”) (NYSE: PRGO; TASE), a leading global provider of “Quality Affordable Healthcare Products ® ,” today announced the closing of the previously announced registered public offering by Perrigo Finance Unlimited Company, a public unlimited company incorporated under the laws of Ireland (the “Issuer”), and a wholly-owned finance subsidiary of Perrigo, of $1.2 billion senior notes of the Issuer, consisting of $500.0 million aggregate principal amount of its 3.500% Senior Notes due 2021 (the “2021 Notes”) and $700.0 million aggregate principal amount of its 4.375% Senior Notes due 2026 (the “2026 Notes” and, together with the 2021 Notes, the “Notes”). The Notes will be fully and unconditionally guaranteed on a senior unsecured basis by Perrigo.

Perrigo estimates that the total net proceeds of the offering will be approximately $1,188.2 million, after deducting the underwriting discount and offering expenses payable by the Issuer. Perrigo intends to use the net proceeds of the offering to repay amounts borrowed under a senior unsecured 364-day revolving credit agreement with the Issuer, as borrower, the Company, as guarantor, and a syndicate of financial institutions, as lenders, HSBC Bank USA, N.A., as administrative agent, and Bank of America, N.A. and Morgan Stanley Senior Funding, Inc., as syndication agents, and a senior unsecured five-year revolving credit agreement with the Issuer, as borrower, the Company, as guarantor, and a syndicate of financial institutions, as lenders, JPMorgan Chase Bank, N.A., as administrative agent, and Barclays Bank plc, as syndication agent, with the balance used for general corporate purposes.

About Perrigo

Perrigo Company plc is a top five global over-the-counter (“OTC”) consumer goods and leading specialty pharmaceutical company, offering patients and customers high-quality products at affordable prices. From the Company’s beginning in 1887 as a packager of home remedies, it has grown to become the world’s largest manufacturer of OTC healthcare products and supplier of infant formulas for the store brand market. The Company is also a leading provider of generic extended topical prescription products, and it receives royalties from sales of the multiple sclerosis drug Tysabri ® . The Company provides “Quality Affordable Healthcare Products ® ” across a wide variety of product categories and geographies, primarily in North America, Europe and Australia, as well as in other markets, including Israel and China.

For more information:

Bradley Joseph, Vice President, Global Investor Relations and Communications, (269) 686-3373, E-mail: bradley.joseph@perrigo.com; and Arthur J. Shannon, Vice President, Global Corporate Affairs and European Investor Relations, (269) 686-1709, E-mail: ajshannon@perrigo.com.


No Offer or Solicitation

This press release does not constitute an offer to sell, or an invitation to subscribe for, purchase or exchange, any securities, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains so-called “forward-looking statements” within the meaning of, and subject to the safe harbor created by, Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events or the Company’s future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the Company’s, or its industry’s, actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In particular, statements about the Company’s expectations, beliefs, plans, objectives, assumptions, future events or future performance contained in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or the negative of those terms or other comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company’s control. Risks and uncertainties include risks relating to the successful completion of the transactions contemplated herein. These and other important factors, including those discussed under “Risk Factors” in the Company’s Form 10-KT for the transition period from June 28, 2015 to December 31, 2015, in the subsequent filings with the SEC and in other investor communications of the Company from time to time, may cause actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements. The forward-looking statements in this document are made only as of the date hereof, and unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.