K-V Pharmaceutical takes out $43 million mortgage

By Elaine Rigoli

Tampa, Fla., March 29 - K-V Pharmaceutical Co. said it entered into a new mortgage loan on March 23 with LaSalle Bank NA, one of the company's primary lenders, in the principal amount of $43 million.

The proceeds of the loan were used to repay existing mortgage loans totaling $9.8 million, and the remaining net proceeds will be used for working capital and general corporate purposes, according to a news release.

The previous loans bore interest rates varying from 5.31% to 7.57%, whereas the new loan has a fixed rate of 5.905% for 15 years.

The company also announced that its board of directors appointed Gerald R. Mitchell to fill a vacancy on the board created by the death of Alan G. Johnson.

K-V Pharmaceutical is a specialty pharmaceutical company that develops, manufactures and markets branded and generic prescription pharmaceutical products.

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