Sagent Pharmaceuticals adds C$30 million loan at CDOR plus 225 bps

By Susanna Moon

Chicago, Jan. 11 – Sagent Pharmaceuticals Inc. amended its credit agreement to add a C$30 million term loan including a delayed-draw term loan to fund a construction facility in Quebec, according to an 8-K filing with the Securities and Exchange Commission.

The amended agreement also adds a C$10 million revolving facility sublimit to the existing revolving facility, with the total revolving commitment amount unchanged at $80 million.

The company amended its senior secured credit facility last Thursday with JPMorgan Chase Bank, NA as administrative agent by adding the Canadian tranche and including Omega Laboratories Ltd. as a borrower. J.P. Morgan Securities LLC is the bookrunner and lead arranger.

Interest is CDOR plus 200 basis points for the revolving loans and CDOR plus 225 bps for the term loans. The commitment fee is 25 bps.

The fixed-charge coverage ratio remains unchanged at 1 time.

Last Thursday, Sagent (China) Pharmaceuticals Co., Ltd., a wholly owned subsidiary, terminated its credit facility under the fixed assets committed loan facility offer letter dated April 6, 2015 with JPMorgan Chase Bank (China) Co. Ltd., Shanghai Branch. There were no loans outstanding at the time.

Sagent Pharmaceuticals, formerly Sagent Holding Co., is an injectable pharmaceutical company based in Schaumburg, Ill.

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