07 September 2004 15:09 [Source: ICIS news]
HOUSTON (CNI)--American Pharmaceutical Partners (APP) said Tuesday it has established a $100m (Euro82.6m) unsecured, three-year, senior revolving credit facility and will take a 2003 third quarter $1.2m noncash charge for early termination of a prior credit facility.
Schaumburg, Illinois-based APP said the new facility can be expanded to $150m. It replaces an existing senior secured $50m revolving credit facility put in place in December, 2001.?xml:namespace>
Said Nicole Williams, executive vice president and chief financial officer: "The new credit facility provides APP with enhanced financial capacity to support continued growth of our base and proprietary businesses at a lower cost of capital."
He added the company’s larger, more flexible credit facility doesn’t have the securitization and covenant restrictions of the old facility.
American Pharmaceutical Partners is a specialty drug company that develops, manufactures and markets injectable pharmaceutical products, focusing on the oncology, anti-infective and critical care markets.
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