BAUDETTE, Minn., Dec. 27, 2018 /PRNewswire/ -- ANI
Pharmaceuticals, Inc. ("ANI" or the "Company") (Nasdaq: ANIP) today
announced that it has entered an amended and restated five-year
Senior Secured Credit Facility (the "Facility") for up to
$265.2 million with its existing
syndicate of bank lenders (the "Bank Group"). The Facility amends
ANI's current $125 million Senior
Secured Credit Facility and is structured to provide ANI
flexibility in refinancing its 3.00% Convertible Senior Notes due
2019 ("the Convertible Notes"). The principal feature of the
Facility is a new $118.0 million
Delayed Draw Term Loan available to refinance ANI's Convertible
Notes maturing in December 2019. The
Delayed Draw Term Loan is fully committed by the Bank Group and can
be accessed by ANI at any time and in multiple tranches through
December 1, 2019, subject to
satisfaction of certain conditions precedent. The second feature is
the extension of $72.2 million of
Term Loan-A debt currently outstanding under the existing facility.
In addition, the Facility increases the existing $50.0 million Senior Secured Revolving Credit
Facility to $75.0 million. Both the
Delayed Draw Term Loan and Senior Secured Revolving Credit Facility
are undrawn as of this time. Interest on the Facility is
LIBOR based and generally consistent with ANI's current borrowing
arrangements with the Bank Group. The Facility is secured by the
assets and equity interests of ANI and guaranteed by certain of its
subsidiaries.
The Lead Arranger and Administrative Agent for the Facility is
Citizens Bank, N.A. The Bank of Tokyo-Mitsubishi UFJ, Ltd. and The
Huntington National Bank acted as Joint Lead Arrangers, while
Regions Bank acted as Documentation Agent. The Facility is also
funded by U.S. Bank National Association and J.P. Morgan Chase
Bank, N.A.
Arthur S. Przybyl, ANI's
President and CEO stated, "The expansion of our existing credit
facility is a testament to the financial strength of ANI and
signals our intent to refinance our Convertible Notes in a
shareholder friendly manner." Stephen P.
Carey, ANI's Vice President and CFO added, "Today's
amendment provides ANI maximum flexibility in approaching the
refinancing of our Convertible Notes maturing in December 2019, with the security of fully
committed capital from our Bank Group. In addition, the expansion
of the revolver portion of the Facility coupled with our cash
on-hand, continued cash flow from operations, and on-going support
of our Bank Group will continue to support our future growth."
"At Citizens, we try to think about the needs of our clients
from their point of view and offer holistic solutions," said
Daniel K. Fitzpatrick, Executive
President of Mid-Atlantic Region and Head of National Industry
Verticals for Citizens Bank. "Leading flexible credit facilities so
valued clients such as ANI Pharmaceuticals can grow is just one of
the ways that Citizens delivers substantial value for our clients
at every stage of their business life cycle."
About ANI
ANI Pharmaceuticals, Inc. is an integrated specialty
pharmaceutical company developing, manufacturing, and marketing
branded and generic prescription pharmaceuticals. The Company's
targeted areas of product development currently include narcotics,
oncolytics (anti-cancers), hormones and steroids, and complex
formulations involving extended release and combination products.
For more information, please visit our
website www.anipharmaceuticals.com.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation's oldest and
largest financial institutions, with $158.6
billion in assets as of September 30,
2018. Headquartered in Providence,
Rhode Island, Citizens offers a broad range of retail and
commercial banking products and services to individuals, small
businesses, middle-market companies, large corporations and
institutions. Citizens helps its customers reach their potential by
listening to them and by understanding their needs in order to
offer tailored advice, ideas and solutions. In Consumer Banking,
Citizens provides an integrated experience that includes mobile and
online banking, a 24/7 customer contact center and the convenience
of approximately 2,900 ATMs and approximately 1,150 branches in 11
states in the New England, Mid-Atlantic and Midwest regions.
Consumer Banking products and services include a full range of
banking, lending, savings, wealth management and small business
offerings. In Commercial Banking, Citizens offers corporate,
institutional and not-for-profit clients a full range of wholesale
banking products and services, including lending and deposits,
capital markets, treasury services, foreign exchange and interest
rate products and asset finance. More information is available at
www.citizensbank.com or visit us on Twitter, LinkedIn or
Facebook.
Forward-Looking Statements
To the extent any statements made in this release deal with
information that is not historical, these are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements include, but are not limited
to, statements regarding the Company's use of proceeds of the
Facility in the manner currently anticipated, including the
refinancing of the Convertible Notes, in addition to statements
about price increases, the Company's future operations, products
financial position, operating results and prospects, the Company's
pipeline or potential markets therefor, and other statements that
are not historical in nature, particularly those that utilize
terminology such as "anticipates," "will," "expects," "plans,"
"potential," "future," "believes," "intends," "continue," other
words of similar meaning, derivations of such words and the use of
future dates.
Uncertainties and risks may cause the Company's actual results
to be materially different than those expressed in or implied by
such forward-looking statements. Uncertainties and risks include,
but are not limited to, the Company's ability to meet its
outstanding debt obligations; levels of indebtedness and
restrictions on the Company's operations and activities imposed by
the agreements governing the Company's outstanding indebtedness;
the Company's sources of liquidity; changes in market conditions,
including market factors affecting the price of debt and equity
securities; the existence of alternative uses for the Company's
cash; the risk that the Company may face with respect to importing
raw materials; increased competition; acquisitions; contract
manufacturing arrangements; delays or failure in obtaining product
approval from the U.S. Food and Drug Administration; general
business and economic conditions; market trends; products
development; regulatory and other approvals and marketing.
More detailed information on these and additional factors that
could affect the Company's actual results are described in the
Company's filings with the Securities and Exchange Commission,
including its most recent annual report on Form 10-K and quarterly
reports on Form 10-Q, as well as its proxy statement. All
forward-looking statements in this news release speak only as of
the date of this news release and are based on the Company's
current beliefs, assumptions, and expectations. The Company
undertakes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
For more information about ANI, please contact:
Investor Relations
IR@anipharmaceuticals.com
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SOURCE ANI Pharmaceuticals, Inc.