aaiPharma $260 million credit facility to launch Thursday

By Sara Rosenberg

New York, Nov. 12 - aaiPharma Inc. is scheduled to hold a bank meeting on Thursday for a $260 million credit facility, according to a syndicate report. Wachovia, Bank of America and CIBC are the lead banks on the deal.

The facility consists of a $100 million five-year revolver with an interest rate of Libor plus 350 basis points and a $160 million six-year term loan B with an interest rate of Libor plus 375 basis points.

Proceeds will be used for acquisition purposes.

On Oct. 22, the company announced that it has agreed to acquire a portfolio of pain management products from Elan Corp. for $100 million The completion of this transaction is subject to clearance under the Hart- Scott-Rodino Antitrust Improvements Act of 1976 by the Federal Trade Commission and the Department of Justice.

aaiPharma is a Wilmington, N.C., science-based specialty pharmaceutical company focused on the commercialization of branded pharmaceutical products.

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