ANI Pharmaceuticals closed a new five-year, $125 million senior secured credit facility with Citizens Bank.
The facility consists of a $75 million five-year term loan to support ANI’s acquisition of four NDAs from AstraZeneca for $46.5 million in cash as previously announced. Additionally, the term loan was utilized to refinance existing indebtedness of $25 million that was outstanding against ANI’s now retired $30 million asset-based revolving credit facility.
The current facility also includes a $50 million senior secured revolver which remains un-drawn at this time. It is secured by the assets and equity interests of the company.
Stephen P. Carey, ANI’s vice president and CFO, stated, “Today’s expansion of our relationship with Citizens Bank enables ANI to continue to execute upon its business model. We believe that the flexibility of the revolver will continue to support our future growth.”
“ANI Pharmaceuticals is a valued client of Citizens Bank. Our Healthcare Corporate Banking and Capital Markets team has continued to provide ANI with strategic insight and capital support, enabling them to reach their long-term potential,” said Daniel K. Fitzpatrick, executive vice president and head of National Industry Verticals at Citizens Bank.
