Daily News: April 24, 2014

JPMorgan Agents Akorn $750MM Financing Agreement

Akorn, according to its 8K filing, entered into two financing arrangements, consisting of: a seven-year $600 million senior secured term loan financing and up to $150 million of a senior secured revolving loan facility, with a term of five years.

JPMorgan Chase Bank served as lender and administrative agent on the term loan and administrative agent for the revolver. Bank of America served as syndication agent on the revolver.

Akorn may increase the term loan amount up to an additional $150.0 million, or more, provided certain financial covenants and other conditions are satisfied.

Akorn intends to use the proceeds of the term facility primarily to finance Akorn’s previously announced acquisition of Hi-Tech.

Previously on abfjournal: JPMorgan to Finance Hi-Tech Pharmacal Sale to Akorn, August 29, 2013