Teligent entered into a credit agreement with certain funds managed by Highbridge Capital Management, an existing stakeholder.

The lenders provided Teligent with a new $25 million senior secured term loan credit facility with a maturity date of June 1, 2021. Teligent drew $15 million of the facility on the closing date, with the remaining $10 million available within 45 days of the closing date subject to the satisfaction of certain post-closing conditions.

An incremental facility of up to an additional $50 million may be made available to Teligent up until September 15, 2018, subject to certain terms and the discretion of the lenders.

The funds will be used to pursue product launches and address its capital structure.

“Teligent has won a number of key approvals recently and the proceeds of this credit agreement will provide Teligent with the necessary working capital to fund the product launches while also putting Teligent in a position to improve its capital structure,” said Jason Grenfell-Gardner, Teligent’s president and CEO.

Teligent is a specialty generic pharmaceutical company that markets and sells generic pharmaceutical products in the U.S. and Canada.