ANI Pharmaceuticals uses delayed-draw term loan to repay convertibles

By Sarah Lizee

Olympia, Wash., Dec. 2 – ANI Pharmaceuticals, Inc. exercised its option on Friday to borrow $118 million under the delayed-draw term loan feature under its existing senior secured credit facility with Citizens Bank, NA, according to an 8-K filing with the Securities and Exchange Commission.

On Monday, proceeds from the draw were used to repay at maturity the company’s outstanding 3% convertible senior notes.

Amounts drawn under the delayed-draw term loan bear an interest rate equal to Libor plus 150 basis points to 275 bps, depending on the company’s total leverage ratio.

Amounts borrowed under the delayed-draw term loan, as well as any amount borrowed under the credit facility, mature on Dec. 27, 2023.

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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