Daily News: December 20, 2013

Citibank, PNC Provide Lannett Revolver

Lannett Company announced it established a $50 million revolver with Citibank as administrative agent, and PNC Bank. Lannett expects to use the facility for general corporate purposes, including acquisitions. The facility is secured by substantially all of the company’s assets.

“This credit facility supports our plans for continued growth and provides additional capital for potential acquisitions,” said Arthur Bedrosian, president and CEO of Lannett.

“We couldn’t be happier than to be partnering with a company the caliber of Lannett and look forward to growing a long-term corporate banking relationship,” said Tim Merriman, who leads Citibank’s Philadelphia Corporate Banking.

Lannett Company develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications.