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K-V Pharmaceutical Secures Commitment for $85 Million Loan, Reaches Agreement with Senior Noteholders on Principal Terms of Plan of Reorganization
Date:12/12/2012

ST. LOUIS, Dec. 12, 2012 /PRNewswire/ -- K-V Pharmaceutical Company ("K-V" or "the Company") today announced that it has received a commitment from lenders led by an affiliate of Silver Point Finance LLC for $85 million in senior secured post-petition debtor-in-possession ("DIP") financing, which the Company intends to use to, among other things, satisfy the terms of its recently filed settlement agreement with Hologic, Inc. ("Hologic Settlement"), provide additional financial flexibility during the pendency of the Company's Chapter 11 proceeding and fund certain payments under a proposed reorganization plan.  The new DIP financing, the Hologic Settlement and the reorganization plan (and related disclosure statement)  are each subject to approval of the U. S. Bankruptcy Court for the Southern District of New York, the Honorable Judge Allan L. Gropper presiding.

The Hologic Settlement confirms K-V's continued ownership of Makena® and will resolve all bankruptcy related disputes between K-V and Hologic, and provides for mutual releases of all claims between the parties. 

Under the proposed reorganization plan, K-V expects to emerge from Chapter 11 with its entire product portfolio, including Makena®, Clindesse®, Gynazole-1® and Evamist®.  The Company has provided and is committed to continue to provide its women's health care products without interruption to meet the needs of the health care providers and patients it serves.

Prior to the funding of the DIP financing facility, K-V intends to file with the Bankruptcy Court a proposed reorganization plan, a related disclosure statement, and a plan support agreement (PSA) with an ad hoc group of senior secured noteholders.  The principal terms of the proposed reorganization plan are contained in a plan term sheet filed with the motion to approve the DIP financing filed with the Bankruptcy Court, which together with other documents from the Chapter
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