Reliant Pharmaceuticals to launch $255 million credit facility Thursday

By Sara Rosenberg

New York, Feb. 13 - Reliant Pharmaceuticals Inc. is scheduled to hold a bank meeting on Thursday to launch its proposed $255 million senior secured credit facility, according to a market source.

The facility consists of a $170 million term loan and a $45 million delayed-draw term loan that are both being talked in the Libor plus low-300 basis points area, and a $40 million ABL revolver, the source said.

Goldman Sachs is the lead bank on the term loans, while the ABL is being provided by Merrill Lynch Capital.

Proceeds will be used to refinance existing debt.

Reliant Pharmaceuticals is a Liberty Corner, N.J., pharmaceutical company focused on cardiovascular products.

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