Bloomberg News

Drug Royalty Drops $155 Million Term Loan to Refinance Debt

October 19, 2011

Oct. 19 (Bloomberg) -- Drug Royalty II, a fund managed by Toronto-based DRI Capital, canceled a $155 million term loan it was seeking to refinance debt because of market conditions, according to a person with knowledge of the transaction.

Macquarie Group Ltd. was arranging the five-year transaction, according to data compiled by Bloomberg. The loan was initially offered to investors at 4.5 percentage points more than the London interbank offered rate with a 1.25 percent Libor floor. The debt was expected to price at 99 cents to 99.5 cents on the dollar, said the person, who declined to be identified because the terms are private.

Behzad Khosrowshahi, chief executive officer of DRI Capital, didn’t respond to an e-mail seeking comment.

--Editors: Pierre Paulden, Faris Khan

To contact the reporter on this story: Michael Amato in New York at Mamato3@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net


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