IMPAX Laboratories, Inc. Inks $50M Credit Facility with Wells Fargo

San Francisco Business Times -- Impax Laboratories Inc. could borrow up to $50 million from Wells Fargo Bank under a new revolving credit facility.

The line of credit can be used for working capital, general corporate and other purposes, the Hayward-based maker of generic drugs (NASDAQ: IPXL) said Thursday in a Securities and Exchange Commission filing. Up to $10 million of the facility can be used for letters of credit, the company said.

Any outstanding borrowings and interest would be due in February 2015.

The facility replaces an existing credit agreement, signed in December 2005 and set to expire on April 1, between the company and Wachovia Bank, which San Francisco-based Wells (NYSE: WFC) bought in December 2008.

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