Aceto Corporation (NASDAQ:ACET) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02. Termination of a Material Definitive Agreement.
Termination of Credit Agreements
On December 21, 2016, Aceto Corporation (the “Company”) entered into a Second Amended and Restated Credit Agreement (as amended, the “A&R Credit Agreement”), by and among the Company, certain other loan parties party thereto, the lenders party thereto from time to time (the “Lenders”), and Wells Fargo Bank, National Association, as administrative agent for the Lenders.
On February 21, 2019, the Company and certain of its U.S. subsidiaries entered into a Senior Secured, Priming and Superpriority Debtor-in-Possession Credit Agreement (the “DIP Credit Agreement”) with the lenders party thereto from time to time (the “DIP Lenders”), and Wells Fargo Bank, National Association, as administrative agent for the DIP Lenders.
On April 29, 2019, the Company repaid all amounts then owed under the A&R Credit Agreement and the DIP Credit Agreement, totaling approximately $234.55 million in the aggregate, which included approximately $1.947 million to cash collateralize outstanding letters of credit. In connection with such repayment, each of the A&R Credit Agreement and the DIP Credit Agreement, together with all loan documents executed in connection therewith, including all notes and security agreements, were terminated and cancelled in full and all security interests were terminated and released.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 29, 2019, in connection with the final sale of substantially all of the Company’s operating assets, the employment of Fran Scally, the Company’s Chief Accounting Officer, was terminated. Ms. Scally will assume a similar position for the buyer of the Company’s operating assets.
About Aceto Corporation (NASDAQ:ACET)
Aceto Corporation (Aceto) is engaged in the marketing, sales and distribution of finished dosage form generic pharmaceuticals, nutraceutical products, pharmaceutical active ingredients and intermediates, specialty performance chemicals inclusive of agricultural intermediates and agricultural protection products. The Company’s business is organized along product lines into three segments: Human Health, Pharmaceutical Ingredients and Performance Chemicals. As of June 30, 2016, it distributed over 1,100 chemical compounds used primarily as finished products or raw materials in the agricultural, coatings and industrial chemical industries. The Human Health segment includes finished dosage form generic drugs and nutraceutical products. As of June 30, 2016, the Pharmaceutical Ingredients segment had two product groups: Active Pharmaceutical Ingredients and Pharmaceutical Intermediates. The Performance Chemicals segment includes specialty chemicals and agricultural protection products.
