BAUDETTE, Minn., Dec. 29, 2017 /PRNewswire/ -- ANI
Pharmaceuticals, Inc. ("ANI") (Nasdaq: ANIP) today announced that
it has entered a new five-year Senior Secured Credit Facility (the
"Facility") for up to $125 million
with Citizens Bank. The Facility is comprised of a $75 million five-year term loan that was closed
today in support of ANI's acquisition of four NDAs acquired from
AstraZeneca for $46.5 million in cash
as previously announced this morning. In addition, the term
loan has been utilized to refinance existing indebtedness of
$25 million that was outstanding
against ANI's now retired $30 million
asset-based revolving credit facility with Citizens Bank.
This Facility also includes a $50
million Senior Secured Revolving Credit Facility which
remains un-drawn at this time. The Facility 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 portion of the Facility coupled with our cash on-hand,
continued cash flow from operations and the significant benefit of
recently enacted U.S. corporate tax reform will continue to support
our future growth. As of today, ANI's cash on-hand and
capacity under the revolver provides us with approximately
$80 million in available cash."
"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.
About ANI
ANI Pharmaceuticals, Inc. (the "Company" or "ANI") 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 $151.4
billion in assets as of September 30,
2017. 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 3,200 ATMs and approximately 1,200
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 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 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.