Biovail gets $250 million amended and renewed revolver

By Sara Rosenberg

New York, June 16 - Biovail Corp. closed on a $250 million amended and renewed revolving credit facility, according to a company news release.

The Bank of Nova Scotia is the administrative agent on the deal. Other lenders include Bank of Montreal, Credit Suisse, UBS AG, Royal Bank of Canada, HSBC Bank Canada and JPMorgan Chase Bank.

There is a $150 million accordion feature.

The revolver now carries a three-year term with an annual extension option, whereas before it was structured with a renewable one-year term and a one-year term-out option.

Pricing under the facility and certain covenants have also been revised to reflect the company's strong balance sheet and financial metrics, the release said.

Biovail is a Mississauga, Ont.-based specialty pharmaceutical company.

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