Citibank Agents Lannett Upsize to $120MM
Lannett Company announced it amended and increased its five-year revolving credit facility to $120 million from $50 million. The amended facility includes an accordion feature that will allow the company to increase borrowings by a total of up to an additional $30.0 million, subject to securing additional commitments from existing lenders or new lending institutions.
According to a related 8-K filing, Citibank was shown as the administrative agent for the lender group. The maturity date of the credit facility remains December 18, 2018.
“The amended credit facility, together with our strong balance sheet, provides financial firepower for Lannett’s acquisition and organic growth strategy,” said Arthur Bedrosian, chief executive officer of Lannett.
Philadelphia, PA-based Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications.