EAST RUTHERFORD, N.J., May 23, 2016 (GLOBE NEWSWIRE) -- Cambrex Corporation (NYSE:CBM) (“Cambrex”) is pleased to announce that the Company has closed a new $500 million senior secured revolving credit facility (the “Credit Facility”), replacing the previous $250 million facility.
“I am very pleased to announce this important transaction, which not only lowers our borrowing cost but provides Cambrex greater flexibility as we continue to execute on our growth strategy,” said Steven Klosk, President and Chief Executive Officer. “The new Credit Facility is a significant vote of confidence from our lenders and provides Cambrex the necessary resources to invest both internally and externally to support continued shareholder value creation,” said Gregory Sargen, Chief Financial Officer.
Borrowings under the Credit Facility bear interest at a rate per annum equal to an applicable margin (based on leverage) plus the one-month LIBOR rate. The applicable margin for borrowings will range from 1.25% to 2.00%. The Credit Facility is unfunded at closing and will mature May 18, 2021.
Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. served as Joint Lead Arrangers on the Credit Facility. Wells Fargo Bank, N.A. will serve as Administrative Agent on the Credit Facility.
Cambrex Corporation is an innovative life sciences company that provides products, services and technologies to accelerate the development and commercialization of small molecule therapeutics. The Company offers Active Pharmaceutical Ingredients (APIs), advanced intermediates and enhanced drug delivery products for branded and generic pharmaceuticals. Development and manufacturing capabilities include enzymatic biotransformations, high potency APIs, high energy chemical synthesis, controlled substances and formulation of finished dosage form products. For more information, please visit www.cambrex.com.
Contact: Stephanie LaFiura, Investor Relations Associate Phone: 201.804.3037 Email: email@example.com