GLASTONBURY, Conn., Oct. 31 /PRNewswire/ -- Bank of America Business Capital, one of the world's largest asset-based lenders, announced today that it provided a $210 million credit facility to Alpharma, Inc. , a global specialty pharmaceutical company. Consisting of a $175 million asset- based loan and a $35 million term loan, the financing was used to refinance existing debt. The credit facility was fully underwritten by Banc of America Securities. Bank of America is also providing letters of credit as well as treasury management products and services.
"Based on our strong financial position, Bank of America Business Capital delivered an asset-based loan with more flexible covenants than our existing cash flow loan," said Alpharma CFO Matthew Farrell. "The new loan provides Alpharma with added financial flexibility to pursue strategic opportunities that will drive long-term growth."
"We provided an asset-based loan structure that maximized our client's borrowing power," said Joyce White, president, Bank of America Business Capital. "The new facility should provide a stable financial platform from which management can focus on running the business in a highly competitive industry."
Based in Fort Lee, NJ, Alpharma, Inc. (www.alpharma.com) 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 pharmaceutical-grade bulk antibiotics. It is also a leading provider of pharmaceutical products for poultry and livestock. Alpharma is presently active in more than 60 countries.
Bank of America Business Capital is one of the world's largest asset-based lenders, with 19 offices serving the United States, Canada and Europe. It provides companies with senior secured loans, cash management, interest rate, precious metals and foreign exchange risk management, and a broad array of capital markets products. Visit www.bofa.com/businesscapitalnews for more information.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange.
Bank of AmericaCONTACT: Andrew Schwartz of Bank of America Business Capital,+1-860-368-6016, or andrew.schwartz@bankofamerica.com
