KV Pharmaceutical gets $320 million revolver

By Sara Rosenberg

New York, July 14 - KV Pharmaceutical Co. closed on a new $320 million unsecured five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

LaSalle Bank and Citibank acted as joint lead arrangers and bookrunners, with LaSalle also administrative agent and Citibank syndication agent.

Borrowings carry an interest rate of Libor plus 62.5 to 150 basis points and the unused fee ranges from 12.5 to 25 bps, based on the ratio of senior debt to EBITDA. The initial rate is Libor plus 62.5 bps with a 12.5 bps unused fee.

There is a $50 million accordion feature.

The new revolver, which was completed June 9, replaces the company's previous $140 million line of credit.

KV is a St. Louis-based specialty pharmaceutical company.

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