FORT LEE, N.J., Oct. 27 /PRNewswire-FirstCall/ -- Alpharma Inc. announced today that it has entered into a $210 million Senior Secured Credit Facility with Bank of America N.A. consisting of a $175 million asset-based loan and a $35 million term loan. This new credit facility, which is payable in 2010, will replace the current 2001 U.S. Bank Credit Facility and provides the company with increased financial flexibility. As a result of this refinancing, the company is no longer required to reduce the balance of its 3% Senior Subordinated Notes due 2006 to $10 million by December 1, 2005 as was required by covenants included in the 2001 Bank Credit Facility.
Alpharma Inc. is a global specialty pharmaceutical company with leadership positions in products for humans and animals. Alpharma is a leading manufacturer of human generic pharmaceutical products in the U.S., and is one of the largest suppliers of generic solid dose pharmaceuticals in Europe, with a growing presence in Southeast Asia. The company also has a growing branded franchise in the U.S. chronic pain market with its morphine-based extended release product, KADIAN(R). In addition, Alpharma is among the world's leading producers of several important pharmaceutical-grade bulk antibiotics and is internationally recognized as a leading provider of pharmaceutical products for poultry and livestock. Alpharma is presently active in more than 60 countries.
Statements made in this release include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including those relating to future financial expectations, involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Information on other significant potential risks and uncertainties not discussed herein may be found in the Company's filings with the Securities and Exchange Commission including its Form 10-K/A for the year ended December 31, 2004.
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Alpharma Inc.CONTACT: Kathleen Makrakis, VP of Investor Relations of Alpharma,+1-201-228-5085, kathleen.makrakis@alpharma.com
Web site: http://www.alpharma.com/
