Chem Rx amends loan, changing pricing and adjusted EBITDA definition

By Sara Rosenberg

New York, April 4 - Chem Rx Corp. amended its first- and second-lien credit facility, modifying pricing and revising the definition of consolidated adjusted EBITDA, according to an 8-K filed with the Securities and Exchange Commission Friday.

Pricing on the first-lien loan can now range from Libor plus 400 basis points to 450 bps, based on leverage, as opposed to ranging from Libor plus 350 bps to 400 bps.

Pricing on the second-lien term loan is Libor plus 800 bps, with a minimum rate of 13.25%, as opposed to just Libor plus 800 bps.

The definition of consolidated adjusted EBITDA was modified to exclude $11 million of employee bonuses.

The amendment was effective as of March 28.

CIBC is the administrative agent on the deal.

Chem Rx is a Long Beach, N.Y.-based institutional pharmacy.

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