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Spectrum Pharmaceuticals terminates credit facility upon issuing notes
By Marisa Wong
Madison, Wis., Dec. 23 - Spectrum Pharmaceuticals Inc. terminated its credit agreement date Sept. 5, 2012 on Dec. 20 in connection with an issuance of convertible notes, according to an 8-K filing with the Securities and Exchange Commission.
On Dec. 17 Spectrum priced $100 million of five-year convertibles at par to yield 2.75% with an initial conversion premium of 27.5%, and on Dec. 20 the underwriters exercised the deal's $20 million greenshoe in full.
All commitments to extend further credit under the credit agreement were terminated and all liens securing obligations under the facility were released.
At the time of termination, the company did not have any outstanding borrowings, the filing noted.
Bank of America, NA was the administrative agent for the credit agreement.
Henderson, Nev.-based Spectrum is a biopharmaceutical company that develops and acquires drug products primarily in the in the area of hematology and oncology.
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