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Santarus Increases Revolving Line of Credit to $35 Million and Extends Maturity to February 2015

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Santarus, Inc. (NASDAQ: 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.

Posted-In: News Financing

 

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