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Santarus, Inc.
SNTS today announced that it has increased its
revolving line of credit with Comerica Bank from $25 million to $35 million
and extended the maturity from July 11, 2013 to February 13, 2015. In
addition, Santarus has improved the interest terms on outstanding indebtedness
under the credit facility with the option of paying either Comerica's prime
rate (representing a reduction of 0.5%) or the LIBOR rate plus 2.25%
(representing a reduction of 0.75%). Santarus makes interest-only payments on
any draws from the line of credit and any principal outstanding is due and
payable at the maturity date. Santarus has drawn $10 million on the line of
credit to date.
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