AmerisourceBergen extends revolver, increases it to $1.4 billion

By Angela McDaniels

Tacoma, Wash., July 12 - AmerisourceBergen Corp. said it amended and restated its senior multi-currency revolving credit facility, extending the maturity date to July 9, 2018, increasing the size to $1.4 billion from $700 million and lowering pricing.

The interest rate is 68 basis points to 130 bps over Libor, Euribor, the Canadian Dealer Offered Rate or the Bankers Acceptance Stamping Fee, as applicable. The exact margin depends on the company's debt rating, according to an 8-K filing with the Securities and Exchange Commission.

The commitment fee ranges from 7 bps to 20 bps.

Up to $350 million of the revolver is available for letters of credit.

Revolver borrowings can be used for general corporate purposes, permitted investments and permitted acquisitions.

The revolver contains covenants, including compliance with a financial leverage ratio test, as well as others that impose limitations on, among other things, the debt of excluded subsidiaries and asset sales.

The amended and restatement happened Tuesday.

Subsidiaries AmerisourceBergen Specialty Group Canada Corp., Innomar Strategies Inc. and BP Pharmaceuticals Laboratories Co. are also borrowers under the facility.

JPMorgan Chase Bank, NA is the administrative agent.

AmerisourceBergen is a pharmaceutical services company based in Chesterbrook, Pa.

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