aaiPharma obtains $135 million credit facility

New York, April 12 - aaiPharma Inc. said it obtained a new $135 million two-year credit facility - and will use it instead of the previously announced $40 million loan.

The new loan will be underwritten by Silver Point Finance, a Greenwich, Conn., lender that is a subsidiary of Silver Point Capital, while Banc of America Securities LLC is arranger.

The facility is subject to the consent of holders of a majority of aaiPharma's 11% senior subordinated notes due 2010.

In conjunction with the Wilmington, N.C., pharmaceutical company's sale of its MVI and Aquasol product line, the new facility will replace aaiPharma's existing revolver and term loans.

"As an alternative to the previously announced $40 million priority revolving credit facility, this global financing solution will strengthen the company's capital structure and position aaiPharma to immediately resume executing its business plan as a science-based pharmaceutical company," said interim chief operating officer Gregory F. Rayburn in a news release.

aaiPharma announced at the end of March it had signed a commitment for a $40 million 15-month priority revolving credit facility with Bank of America NA.

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