Auxilium ups spread on $225 million term loan B to Libor plus 500 bps

By Sara Rosenberg

New York, June 7 - Auxilium Pharmaceuticals Inc. raised pricing on its $225 million senior secured term loan B (Ba2/B) due April 26, 2017 to Libor plus 500 basis points from Libor plus 400 bps, according to a market source.

Also, the loan now has hard call protection of 102 in year one and 101 in year two, instead of 101 soft call protection for one year, and amortization was increased to 5% per annum from 1%, the source said.

The loan still has a 1.25% Libor floor and an original issue discount of 99.

Morgan Stanley Senior Funding Inc. is the lead bank on the deal.

Proceeds will be used to help fund the company's acquisition of Actient Holdings LLC.

Auxilium is a Malvern, Pa.-based specialty biopharmaceutical company.

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