Advancis gets $12 million credit facility

By Lisa Kerner

Charlotte, N.C., July 6 - Advancis Pharmaceutical Corp. entered into a $12 million credit facility, according to a company news release.

Merrill Lynch Capital arranged the deal.

The facility, which closed on June 30, consists of an $8 million term loan and a $4 million revolving credit facility.

Pricing on the term loan is Libor plus 500 basis points, and pricing on the revolver is Libor plus 375 basis points.

Proceeds were used to repay existing debt of about $1 million and for general corporate purposes.

With the repayment of the company's previous notes payable, $0.5 million of cash held as collateral is now unrestricted.

Advancis is a Germantown, Md.-based pharmaceutical company specializing in anti-infective drug products.

© 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.