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PDLI > SEC Filings for PDLI > Form 8-K on 26-Sep-2013All Recent SEC Filings

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Form 8-K for PDL BIOPHARMA, INC.


26-Sep-2013

Termination of a Material Definitive Agreement


Item 1.02 Termination of a Material Definitive Agreement.

On September 24, 2013, Merus Labs International, Inc. (Borrower) paid in full its obligations under the credit agreement (the Credit Agreement) between PDL BioPharma, Inc. (the Company) and Borrower, under which the Company had made available to Borrower up to an aggregate of $55 million to be used by Borrower in connection with its acquisition of a commercial-stage pharmaceutical product and related assets from Novartis Pharma AG. During the life of the Credit Agreement, Borrower had drawn on the $55 million in potential borrowings available to it. As part of an agreement between the parties to allow early repayment of amounts outstanding under, and the early termination of, the Credit Agreement, the Company received a prepayment fee of 1% of the aggregate principal amount outstanding at the time of repayment.


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