Lannett Company, a developer, manufacturer, packager, marketer and distributer of generic pharmaceutical products, emerged from Chapter 11 bankruptcy following the confirmation of its plan of reorganization on June 8.
Wells Fargo delivered a $30 million asset-backed revolving credit facility for Lannett Company, a developer and manufacturer of pharmaceutical products.
Lannett Company voluntarily paid down the remaining principal balance of $25 million against its existing revolver with a bank group led by Citibank as agent.
Lannett amended its existing credit agreement and raised an incremental $150 million term loan B with lenders led by Morgan Stanley Funding as administrative agent.
Lannett Company completed the acquisition of Kremers Urban Pharmaceuticals for $1.23 billion. Morgan Stanley and RBC Capital Markets arranged a secured credit facility to support the acquisition.
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.