Life Sciences Research obtains $70 million loan, to redeem 7.5% convertibles

By Angela McDaniels

Seattle, March 2 - Life Sciences Research Inc. has secured a $70 million loan, according to a company news release.

Roughly $63 million of the proceeds will be used to redeem the $46.2 million outstanding of its 7.5% convertible capital bonds due September 2006. The remainder will go toward general corporate purposes.

The loan matures on March 1, 2011 and bears an interest rate of 825 basis points over Libor, which may be reduced to 800 bps over Libor if the company meets certain financial tests.

Life Sciences Research is a contract research organization based in East Millstone, N.J., that provides product development services to the pharmaceutical, agrochemical and biotechnology industries.

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