KV Pharmaceutical brings in $375mm through sale of debt, equity
Executive Summary
KV Pharmaceutical Co. (women’s health care) reorganized and emerged from Chapter 11 with limited debt and a recapitalization. KV gained $100mm through a credit facility led by Capital Ventures, Greywolf Capital, Kingdon Capital, and Deutsche Bank along with Silver Point Finance. The loan matures on January 31, 2018 at a rate per annum equal to an adjusted LIBOR rate (with a floor of 2% plus a margin of 10% or the base rate plus a 9% margin). KV concurrently raised $238mm through a rights offering and $37mm through the direct sale of 15.6mm common shares at $2.37 to the investors listed above. KV filed for bankruptcy in August 2012 because it was “unable to realize the full value” of Makena (hydroxyprogesterone) for preterm birth due to the FDA not enforcing market exclusivity.
Deal Industry
- Pharmaceuticals
-
Pharmaceuticals
- Generic Drugs
- Specialty Pharmaceuticals
-
Drug Delivery
- Controlled Release
Deal Status
- Final
Deal Type
-
Financing
- Convertible Debt
- Other
- Private Placement
Questions?
Please contact Sales at: (212) 520-2765 or email [email protected]
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