OSI Pharmaceuticals to syndicate new $75 million revolver

By Sara Rosenberg

New York, Dec. 14 - OSI Pharmaceuticals Inc. plans to syndicate a new $75 million three-year senior secured revolving credit facility over the next four the six weeks, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

JPMorgan is the lead bank on the deal.

The initial interest rate on the revolver is expected to be Libor plus 225 basis points, the filing said.

Security is substantially all of the company's assets.

Closing is expected to occur by the end of January.

In August, the company had said that it planned on accessing $150 million of financing through a revolving credit facility for the acquisition of Eyetech Pharmaceuticals Inc.

However, during the last few months, the company has decided that a combination of a revolver and accessing the capital markets better addresses the needs of the business going forward and will more optimally position it for future growth, the filing added.

OSI Pharmaceuticals is a Melville, N.Y., biotechnology company.

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