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Azurity trims term loan to $550 million, widens to Libor plus 600 bps
By Sara Rosenberg
New York, Sept. 28 – Azurity Pharmaceuticals Inc. downsized its term loan to $550 million from $600 million and increased pricing to Libor plus 600 basis points from talk in the range of Libor plus 475 bps to 500 bps, according to a market source.
In addition, the original issue discount on the term loan widened to 97 from 99, and the call protection was changed to 102 in year one and 101 in year two from a 101 soft call for six months, the source said.
The term loan still has a 0.75% Libor floor.
JPMorgan Chase Bank and Truist Securities Inc. are the leads on the deal.
Commitments were scheduled to be due at 2 p.m. ET on Tuesday, the source added.
Proceeds will be used to fund the acquisition of Arbor Pharmaceuticals Inc. from existing investors including JW Asset Management and KKR.
Azurity is a Wilmington, Mass.-based specialty pharmaceutical company focusing on the needs of patients requiring customized, user-friendly drug formulations and dosage forms. Arbor is an Atlanta-based specialty pharmaceutical company marketing FDA-approved prescription products in the neuroscience, cardiovascular and institutional markets.
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