AMAG Pharmaceuticals announced it has completed the acquisition of Cord Blood Registry (CBR), the world’s largest umbilical cord blood stem cell collection and storage company serving pregnant women and their families, for $700 million in cash.

In connection with the completion of this transaction, AMAG said it has closed on its offering of $500 million aggregate principal amount of senior notes due 2023.

Additionally, AMAG said it entered into a credit agreement with Jefferies Finance and other lenders pursuant to which such lenders provided AMAG with a term loan in the aggregate principal amount of $350 million.

Jefferies is acting as administrative agent and collateral agent for the lenders party to the credit agreement. The new term loan allows for the incurrence of incremental loans in an amount up to $225 million, plus additional amounts subject to a debt incurrence test, in each case subject to certain conditions. The term loan bears interest, at AMAG’s option, at either the Eurodollar rate plus a margin of 3.75% or the prime rate plus a margin of 2.75%. The Eurodollar rate is subject to a 1.00% floor and the prime rate is subject to a 2.00% floor. The term loan contains certain mandatory principal repayments on a quarterly basis, as well as an excess cash sweep that is measured annually. The term loan matures on August 17, 2021.