

21.	Subsequent Events

Questcor Merger Financing Transactions

In July 2014, Mallinckrodt Securitization S.À.R.L. ("Mallinckrodt Securitization"), a wholly-owned special purpose subsidiary of the Company, entered into a $160.0 million accounts receivable securitization facility ("the Receivable Securitization"). Mallinckrodt Securitization may, from time to time, obtain up to $160.0 million in third-party borrowings secured by certain receivables. The borrowings under the Receivable Securitization are to be repaid as the secured receivables are collected. Loans under the Receivable Securitization will bear interest (including facility fees) at a rate equal to one month LIBOR rate plus a margin of 0.80%. Unused commitments on the Receivables Securitization are subject to an annual commitment fee of 0.35%. The Receivable Securitization agreements contain customary representations, warranties, and affirmative and negative covenants. The size of the securitization facility may be increased to $300.0 million upon approval of the third-party lenders.

In July 2014, MIFSA and MCB entered into an agreement which will result in the private placement of $900.0 million aggregate principal amount of 5.75% of senior unsecured notes due August 1, 2022 ("the 2022 Notes"). The 2022 Notes will be subject to an indenture which will contain customary affirmative and negative covenants. The 2022 Notes will be guaranteed by each of MIFSA's and MCB's subsidiaries that guarantees our senior secured credit facilities.

MIFSA and MCB, each a subsidiary of the Company, expect to complete a $700.0 million senior secured term loan facility that will be due March 19, 2021 ("the New Term Loan") and structured as an incremental tranche under the credit agreement governing our existing Term Loan and Revolver (collectively with the New Term Loan, represent the Senior Secured Credit Facilities). The New Term Loan is expected to bear interest at LIBOR plus a margin based on the Company's total net leverage ratio, with a minimum LIBOR level of 0.75%. Interest payment dates will be variable based on the LIBOR rate utilized, but the Company generally expects interest to be payable every 90 days. The New Term Loan is expected to require quarterly principal amortization payments in an amount equal to 0.25% of the original principal amount on a quarterly basis, commencing on December 31, 2014, with the remaining balance payable on the due date, March 19, 2021. Other terms and conditions are expected to be generally consistent with the Facilities, except that Mallinckrodt plc is not a guarantor under the New Term Loan.