Impax Labs gets $460 million facility from Barclays for acquisition

By Marisa Wong

Madison, Wis., Oct. 10 – Impax Laboratories, Inc. entered into a commitment letter on Oct. 8 with Barclays Bank plc for a $25 million senior secured revolving credit facility and a $435 million senior secured term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

The $460 million credit facility will be used to finance the company’s acquisition of Tower Holdings, Inc. and Lineage Therapeutics Inc. The transaction is valued at $700 million in cash.

The debt financing under the commitment letter is subject to a number of conditions, including concurrent completion of the acquisition.

The final termination date of the commitment letter is March 30, 2015.

Impax is a technology-based specialty pharmaceutical company based in Hayward, Calif. Tower Holdings and Lineage develop, manufacture and commercialize complex generic and branded pharmaceutical products.

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