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aaiPharma amends loan to increase term size, push out maturity, up pricing
By Sara Rosenberg
New York, Aug. 11 - aaiPharma Inc. amended its senior credit facility, increasing the term loan by $10 million to $135 million, extending the maturity date of the entire facility by one year to April 21, 2007, increasing the interest rate on the loans by 150 basis points to Libor plus 775 basis points and modifying the leverage ratio and fixed charge ratio covenants (see table), according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
Bank of America is the administrative agent on the loan, and Silver Point Finance LLC is the collateral agent.
Besides the $135 million term loan, the facility also contains a $15 million revolver.
The Wilmington, N.C., science-based pharmaceutical company's amendment became effective on Monday.
Leverage Ratios
Fiscal Quarter End Leverage Ratio Fixed Charge Coverage Ratio
Sept. 30, 2004 2.75:1.00 1.10:1.00
Dec. 31, 2004 2.75:1.00 1.10:1.00
March 31, 2005 2.65:1.00 1.20:1.00
June 30, 2005 2.60:1.00 1.25:1.00
Sept. 30, 2005 2.50:1.00 1.30:1.00
Dec. 31, 2005 2.40:1.00 1.35:1.00
March 31, 2006 2.40:1.00 1.40:1.00
June 30, 2006 2.40:1.00 1.40:1.00
Sept. 30, 2006 2.25:1.00 1.50:1.00
Dec. 31, 2006 2.25:1.00 1.50:1.00
March 31, 2007 2.25:1.00 1.50:1.00
June 30, 2007 2.25:1.00 1.50:1.00
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