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Financing
LSR Announces Financing Amendment to Reduce Interest Rate and Principal Amount
August 18th, 2007
Life Sciences Research, Inc. (NYSE Arca: LSR) announced that it has amended its $70 million long term financing to reduce the principal amount to $60 million and the interest rate to LIBOR plus 350 basis points. The loan, which matures on March 1, 2011, originally bore an interest rate of LIBOR plus 825 basis points (which was reduced to LIBOR plus 800 b.p.). Under the amendment, which is effective today, the interest rate has been reduced to LIBOR plus 350 b.p. A closing fee of $4.3 million was paid to the lender. Concurrent with the financing amendment, the Company has repurchased from the lender warrants to purchase 250,000 shares of LSR common...
Source: Law & Health Weekly (2007-08-18)
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