Biovail (BVF) Announces New Increased Revolving Credit Facility
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Biovail Corporation (NYSE: BVF) announced that it has successfully entered into a new $410-million revolving credit facility with a syndicate of banks, with an additional $140-million conditional availability by way of an accordion feature. This new facility, which has a three-year term, replaces Biovail's former $250-million credit facility.
"Our success in accessing credit represents a significant vote of confidence for Biovail," said Biovail Chief Executive Officer Bill Wells. "With the recently announced convertible debenture offering, we will have access to $900 million in funds with which to pursue the acceleration of our New Strategic Focus. In the past year, we have made significant progress in restructuring Biovail and positioning the Company for long-term growth. We intend to maintain this momentum, and we are now even better positioned to execute on one or more of the numerous specialty CNS opportunities we're seeing." [SM]
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