Martek gets $135 million amended and restated revolver

By Sara Rosenberg

New York, Oct. 6 - Martek Biosciences Corp. closed on a $135 million amended and restated revolving credit facility due Sept. 1, 2010, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Manufacturers and Traders Trust Co. is administrative agent and bookrunner, Bank of America is syndication agent and SunTrust Bank is documentation agent.

Borrowings under the revolver carry an interest rate that can range from Libor plus 100 to 175 basis points, based on leverage. The initial interest rate is Libor plus 125 basis points.

Financial covenants include a minimum interest coverage ratio of 3.0 to 1.0 measured as of the last day of each fiscal quarter, and a maximum leverage ratio of 2.75 to 1.0 through July 30, 2006 and 2.50 to 1.0 from July 31, 2006 until maturity.

The facility, which closed Sept. 30, replaces the company's previous $100 million revolver that was set to mature on Feb. 1, 2007 and carried higher interest rates and more restrictive covenants.

Martek is a Columbia, Md.-based developer, manufacturer and seller of products derived from microalgae and other microbes.

© 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.