Alpharma ( ALO) got a $210 million senior-secured credit facility with Bank of America.

The credit line comprises a $175 million asset-based loan and a $35 million term loan, both payable in 2010. It replaces a 2001 credit facility and provides the Fort Lee, N.J., drug 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 Dec. 1, 2005, as was required by covenants included in the 2001 bank credit facility.

On Thursday, Alpharma fell 57 cents to $24.44.

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