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Life Sciences Research amends loan, reducing size and pricing
By Sara Rosenberg
New York, Aug. 1 - Life Sciences Research, Inc. amended its credit facility, reducing the size to $60 million from $70 million and lowering pricing, according to a company news release.
The spread is now set at Libor plus 350 basis points, down from Libor plus 800 bps.
Concurrent with the amendment, the company has repurchased from the lender warrants to purchase 250,000 shares of its common stock for an aggregate consideration of $2.75 million.
Life Sciences Research is an East Millstone, N.J.-based contract research organization, providing product development services to the pharmaceutical, agrochemical and biotechnology industries.
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