Wells Fargo delivered a $30 million asset-backed revolving credit facility for Lannett Company, a developer and manufacturer of pharmaceutical products.
“Completing this transaction enhances our financial flexibility, supports our ability to invest in growth opportunities and helps with management of short-term fluctuations in working capital, particularly associated with the launch of new products,” Tim Crew, CEO of Lannett, said. “The new revolving credit facility replaces an earlier revolver that expired with our recent pay off, in full, of the company’s term A loans. With the term A loans now paid off, we will increase our attention on addressing our term B loans, which mature in two years. We very much appreciate the support of Wells Fargo Bank in creating the revolver, along with our advisors that helped us navigate these matters. We, of course, particularly thank our term loan B lenders, who agreed to the amendment that allowed us to complete the new credit facility.”
