AlixPartners is serving as restructuring advisor, PJT Partners is serving as financial advisor and Kirkland & Ellis is serving as legal advisor to Akorn, which filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code.
Akorn entered into a $600 million term loan and up to $150 million of a revolver. JPMorgan served as administrative agent for both facilities. The financing supports Akorn’s acquisition of Hi-Tech.
Akorn and Hi-Tech Pharmacal entered into a definitive agreement under which Akorn will acquire Hi-Tech for $640 million in cash. JPMorgan committed the credit agreement consisting of a $600 million term loan and a $75 million revolver.