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March 2, 2006
ANNOUNCES NEW $70 MILLION FINANCING
Millstone, New Jersey, March 2, 2006 – Life Sciences Research, Inc.
(Pink Sheets: LSRI) announced today that it has secured new long term
financing of $70 million.
Net proceeds of the loan of approximately $63 million will be
used to redeem the $46.2 million outstanding principal amount of HIH
7.5% Convertible Capital Bonds, which were due to mature in September
2006, and for general corporate purposes.
loan matures on March 1, 2011 and bears an interest rate of 8.25% over
LIBOR (which may be reduced to 8.00% over LIBOR upon the Company meeting
certain financial tests). The loan has standard financial and
Sciences Research, Inc. is a global contract research organization
providing product development services to the pharmaceutical,
agrochemical and biotechnology industries. LSR brings leading
technology and capability to support its clients in non-clinical safety
testing of new compounds in early stage development and assessment.
The purpose of this work is to identify risks to humans, animals or the
environment resulting from the use or manufacture of a wide range of
chemicals which are essential components of LSR's clients' products.
The Company's services are designed to meet the regulatory requirements
of governments around the world. LSR operates research facilities
in the United States (the Princeton Research Center, New Jersey) and the
United Kingdom (Huntingdon and Eye, England).
This announcement contains statements that may be forward-looking as defined by the Private Securities Litigation Reform Act of 1995. These statements are based largely on LSR’s expectations and are subject to a number of risks and uncertainties, certain of which are beyond our control, as more fully described in the Company’s SEC filings, including its Form 10-K for the fiscal year ended December 31, 2004, as filed with the US Securities and Exchange Commission.
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