Albany Molecular Research amends revolver, extending maturity to 2010

By Jennifer Chiou

New York, July 7 - Albany Molecular Research, Inc. said it entered into an agreement to extend to June 30, 2010 the maturity of its $35 million three-year revolving line of credit, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also changed the terms of certain financial and operating covenants, erased the interest coverage covenant and modified the requirement that the company's foreign subsidiaries guarantee the borrowings under the credit agreement.

The company entered into the $65 million credit facility, consisting of a $30 million five-year term loan and the revolver, on Feb. 12, 2003.

Bank of America, NA - then known as Fleet National Bank - was administrative agent and lender, and JPMorgan Chase Bank, NA and Citizens Bank of Massachusetts were lenders.

Albany, N.Y.-based Albany Molecular Research is a chemistry-based drug development company.

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