ANI readies launch of $340 million credit facilities for Thursday

By Sara Rosenberg

New York, April 27 – ANI Pharmaceuticals Inc. is scheduled to hold a lender call at 2 p.m. ET on Thursday to launch $340 million of credit facilities, according to a market source.

Truist Securities, Regions Capital Markets and Huntington Securities are the leads on the deal.

The facilities consist of a $40 million five-year revolver and a $300 million six-year term loan B, the source said.

The transaction is expected to have mid-single B ratings.

Proceeds will be used to help fund the acquisition of Novitium Pharma and refinance existing ANI debt.

Novitium, an East Windsor, N.J.-based pharmaceutical company, is being purchased for $89.5 million in cash and $74 million in equity, plus two potential future cash earn-outs of up to $46.5 million.

Other funds for the transaction will come from a $25 million PIPE investment by Ampersand Capital Partners.

Closing is expected in the second half of this year, subject to regulatory approvals and approval by ANI shareholders.

ANI is a Baudette, Minn.-based specialty pharmaceutical company developing, manufacturing, and marketing branded and generic prescription pharmaceuticals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.