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Wells Fargo Provides $50MM Facility to Pernix Therapeutics

August 25, 2015, 07:19 AM
Filed Under: Pharmaceuticals

Pernix Therapeutics Holdings, a specialty pharmaceutical company, today announced the completion of a new three-year $50 million revolving credit facility with Wells Fargo. The new facility bears an interest rate of LIBOR plus 1.5% to LIBOR plus 2.0% versus the Company's prior revolving credit facility of LIBOR plus 7.5% with a 1.5% LIBOR floor, and is a substantial interest rate reduction.

"This new revolving credit facility reflects our commitment to lowering our cost of capital and provides us with significant additional flexibility to support our growth strategy," said Sanjay Patel, Chief Financial Officer.

The new revolving credit facility may be used for general corporate as well as strategic purposes, and is scheduled to mature in August 2018. As of June 30, 2015, Pernix had $7.9 million in outstanding borrowings under the company's previous revolver. This new revolving credit facility replaces the company's previous credit facility.

Pernix Therapeutics is a specialty pharmaceutical business with a focus on acquiring, developing and commercializing prescription drugs primarily for the U.S. market. The company targets underserved therapeutic areas such as CNS, including neurology and pain management, and has an interest in expanding into additional specialty segments.

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