Caraco Pharmaceutical enters $10 million credit agreement with JPMorgan

By Ted A. Knutson

Washington, Nov. 22 - Caraco Pharmaceutical Laboratories, Ltd. has entered a $10 million one-year credit agreement with JPMorgan Chase Bank NA, the company said in an 8-K filing with the Securities and Exchange Commission.

Interest is payable based on a Libor rate or an alternate base rate determined by reference to the Prime rate or the federal funds effective rate as selected by the company.

The loan was effective on Thursday.

Detroit-based Caraco makes generic pharmaceuticals.

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