Lannett voluntarily paid down the remaining principal balance of $25 million against its existing revolving credit facility.

According to a related 8-K filing, Citibank served as administrative agent for a five-year revolving credit facility that had been increased to $120 million from $50 million April 27, 2015.

“Since January of this year, we have made payments totaling $125 million to pay down the entire outstanding balance of our revolving credit facility,” said Arthur Bedrosian, CEO of Lannett. “As a result, we will save approximately $7.3 million in annualized cash interest expense, at current rates. Although our industry is facing a competitive pricing environment, our business remains solid and we will continue to use our strong cash flows to further reduce our outstanding debt.”

Philadelphia-based Lannett, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications.