April 12, 2010 (FinancialWire) — Patheon Inc. (TSX: PTI), a provider of drug development and manufacturing services to the pharmaceutical industry, said it has priced a private placement of $280 million of 8.625% senior secured notes due 2017. The offering is scheduled to close on April 23,

The North Carolina-based company said it will use the net proceeds of the offering to repay all of the outstanding indebtedness under its existing senior secured term loan and asset-based revolving credit facility, to repay certain other indebtedness and to pay related fees and expenses.

Patheon said it plans to use any remaining proceeds for general corporate purposes. The company also plans to amend and restate its existing $75 million asset based loan revolver subject to the substantially concurrent closing of the offering and the satisfaction of certain customary closing conditions.

As a result, the maturity date of the revolver will be extended from 2012 to 2014.

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