ANI Pharmaceuticals obtains five-year $125 million credit facility

By Wendy Van Sickle

Columbus, Ohio, Dec. 29 – ANI Pharmaceuticals, Inc. entered on Friday a new five-year senior secured credit facility for up to $125 million, including a $75 million term loan and a $50 million revolving credit facility, with Citizens Bank, according to a press releases.

The term loan is in support of ANI’s acquisition of four NDAs acquired from AstraZeneca for $46.5 million in cash and was also used to refinance $25 million of debt that was outstanding under ANI’s now-retired $30 million asset-based revolving credit facility.

The new $50 million revolver is undrawn.

The credit facility is secured by the assets and equity interests of the company.

“We believe that the flexibility of the revolver portion of the facility coupled with our cash on-hand, continued cash flow from operations and the significant benefit of recently enacted U.S. corporate tax reform will continue to support our future growth,” Stephen P. Carey, ANI's vice president and chief financial officers, said in Friday’s news release.

“As of today, ANI's cash on-hand and capacity under the revolver provides us with approximately $80 million in available cash.”

Baudette, Minn.-based ANI is a specialty pharmaceutical company targeting development of narcotics, oncolytics, hormones and steroids and extended-release and combination products.

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