By Jennifer Chiou
New York, Sept. 7 - Elite Pharmaceuticals, Inc. said it completed a $4,155,000 bond financing through the New Jersey Economic Development Authority.
The bond issue was comprised of $3.66 million of 6½% tax-exempt bonds with an outside maturity of Sept. 1, 2030 and $495,000 of 9% bonds with an outside maturity of Sept. 1, 2012.
Proceeds will go towards redeeming tax-exempt bonds the authority issued in September 1999 and refinancing equipment financing. The company will also use about $1 million to purchase additional equipment for the manufacture and development of pharmaceutical products.
Elite will be required to maintain a $415,500 debt service reserve fund, compared to the $300,000 reserve fund required under the bonds issued in September 1999.
A lien on the company's facility and equipment secured payment of the bonds.
Based in Northvale, N.J., Elite is a specialty pharmaceutical company that specializes in oral controlled-release products for pain management, allergy, cardiovascular therapeutics and infection.
| Issuer: | New Jersey Economic Development Authority
|
| Issue: | Municipal bonds on behalf of Elite Pharmaceuticals, Inc.
|
| Total amount: | $4,155,000
|
| Announcement date: | Sept. 7
|
|
|
| Tax-exempt bonds
|
| Amount: | $3.66 million
|
| Coupon: | 6½%
|
| Outside maturity: | Sept. 1, 2030
|
|
|
| Taxable bonds
|
| Amount: | $495,000
|
| Coupon: | 9%
|
| Outside maturity: | Sept. 1, 2012
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
