| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for ANI Pharmaceuticals, Inc. > News item |
ANI Pharmaceuticals gets $125 million five-year senior credit facility
By Tali Rackner
Minneapolis, Jan. 5 – ANI Pharmaceuticals, Inc. entered into a $125 million five-year senior secured credit facility on Dec. 29 with Citizens Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement is comprised of a $75 million term loan and a $50 million senior secured revolving credit facility.
Term loans bear interest at Libor plus 150 basis points to 225 bps, depending on the company’s total leverage ratio. The letter-of-credit fee is also Libor plus 150 bps to 225 bps.
The commitment fee is 25 bps to 35 bps, also based on leverage.
Certain financial covenants require ANI Pharmaceuticals to, initially, maintain a maximum total leverage ratio of 3.75 times, a maximum senior secured leverage ratio of 2.5 times and a minimum fixed charge coverage ratio of 1.25 times.
The company may repay borrowings under the term loan and revolving credit facility without any premium or penalty, but must repay all borrowings by Aug. 30, 2019 unless it meets certain conditions relating to its repayment or refinance of its outstanding 3% senior convertible notes due 2019, and in no event later than Dec. 29, 2022.
At closing, ANI Pharmaceuticals drew down the $75 million term loan, using proceeds to finance its acquisition of four NDAs from AstraZeneca for $46.5 million in cash and refinance $25 million of existing debt that was outstanding against the company's now retired asset-based revolving credit facility with Citizens Business Capital. The revolver is undrawn.
Baudette, Minn.-based ANI is a specialty pharmaceutical company targeting development of narcotics, oncolytics, hormones and steroids and extended-release and combination products.
© 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.