U.S. markets closed
  • S&P Futures

    3,929.25
    +6.75 (+0.17%)
     
  • Dow Futures

    32,003.00
    +87.00 (+0.27%)
     
  • Nasdaq Futures

    13,318.75
    +16.75 (+0.13%)
     
  • Russell 2000 Futures

    2,297.90
    +12.80 (+0.56%)
     
  • Crude Oil

    63.34
    +0.12 (+0.19%)
     
  • Gold

    1,793.80
    -4.10 (-0.23%)
     
  • Silver

    28.05
    +0.19 (+0.69%)
     
  • EUR/USD

    1.2170
    +0.0001 (+0.01%)
     
  • 10-Yr Bond

    1.3890
    +0.0270 (+1.98%)
     
  • Vix

    21.34
    -1.77 (-7.66%)
     
  • GBP/USD

    1.4141
    +0.0000 (+0.00%)
     
  • USD/JPY

    105.9810
    +0.0990 (+0.09%)
     
  • BTC-USD

    50,401.81
    +185.34 (+0.37%)
     
  • CMC Crypto 200

    1,005.01
    -9.91 (-0.98%)
     
  • FTSE 100

    6,658.97
    +33.03 (+0.50%)
     
  • Nikkei 225

    30,156.48
    +484.78 (+1.63%)
     

Lannett Pays Off, In Full, Remaining Term A Loans

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
  • Oops!
    Something went wrong.
    Please try again later.

PHILADELPHIA, Nov. 30, 2020 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that the company used a portion of its existing cash on hand to pay off, in full, the remaining $42 million outstanding balance of its Term A Loans.

Lannett Logo (PRNewsFoto/Lannett Company, Inc.)
Lannett Logo (PRNewsFoto/Lannett Company, Inc.)

"Paying off our Term A Loans is an important achievement and a key step toward strengthening our balance sheet and improving our long-term financial health," said Tim Crew, chief executive officer of Lannett. "This payoff will result in annual reductions of interest expense and principal payments of approximately $3 million and $27 million, respectively. At the same time, we have enhanced our financial flexibility, as the company's remaining debt is free of financial covenants."

About Lannett Company, Inc.:
Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications. For more information, visit the company's website at www.lannett.com.

This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statement, including, but not limited to, successfully paying off the company's remaining outstanding debt, whether expressed or implied, is subject to market and other conditions, and subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the risk factors discussed in the Company's Form 10-K and other documents filed with the SEC from time to time, including the prospectus supplement related to the proposed offering to be filed with the SEC. These forward-looking statements represent the Company's judgment as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements.

Contact:

Robert Jaffe


Robert Jaffe Co., LLC


(424) 288-4098

Cision
Cision

View original content to download multimedia:http://www.prnewswire.com/news-releases/lannett-pays-off-in-full-remaining-term-a-loans-301180702.html

SOURCE Lannett Company, Inc.