MannKind gets $350 million credit facility

By Sara Rosenberg

New York, Oct. 2 - MannKind Corp. closed on a new $350 million unsecured credit facility with Alfred E. Mann, its principal stockholder, chief executive officer and chairman of the board of directors, according to a company news release.

Pricing on the loan is Libor plus 300 basis points.

The facility matures on Dec. 31, 2011.

The loan can be drawn down in certain amounts and during specific times up until Dec. 31, 2009.

At anytime after Jan. 1, 2010, Mann can require MannKind to prepay up to $200 million in advances that have been outstanding for at least 12 months.

This new facility replaces the $150 million loan agreement with Mann that was previously in place.

Proceeds will be used to help fund operations.

MannKind is a Valencia, Calif.-based company that focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes and cancer.

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