ALPHARMA REFINANCES U.S. BANK CREDIT FACILITY

Alpharma Inc. announced today that it has entered into a $210 million Senior Secured Credit Facility with Bank of America N.A. consisting of a $175 million asset-based loan and a $35 million term loan. This new credit facility, which is payable in 2010, will replace the current 2001 U.S. Bank Credit Facility and provides the company with increased financial flexibility. As a result of this refinancing, the company is no longer required to reduce the balance of its 3% Senior Subordinated Notes due 2006 to $10 million by December 1, 2005 as was required by covenants included in the 2001 Bank Credit Facility.
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