LOUISVILLE, Ky.--(BUSINESS WIRE)--PharMerica Corporation (NYSE:PMC), a national provider of institutional, specialty home infusion, hospital and oncology pharmacy services, today announced that it has successfully closed on a new credit agreement. PharMerica will use the facilities for general corporate purposes and to pursue acquisition opportunities.
Under the new credit agreement, the Company borrowed a term loan of $225 million and will have access to a committed revolving credit facility of $310 million. The new credit agreement increases the size of PharMerica’s committed revolving line of credit by $110 million, as compared to the revolving line of credit under the Company’s prior credit agreement, while lowering the Company’s interest rate by 75 basis points. In addition, the Company may request commitments for additional term loans or revolving loans under the new credit agreement as long as they do not exceed $190 million in the aggregate, an increase of $90 million over the amount of incremental commitments and loans permitted under the Company’s existing credit agreement. Furthermore, the principle amortization schedule associated with the term loan is 5% annually, commencing with the second year of the five-year facility, with the remaining 80% due upon the expiration of the facility in September 2019.
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