Depomed Announces Prepayment of $100 Million of Secured Debt Facility
04 April 2017 - 10:00PM
- Company Intends to Refinance the Remainder of
Secured Debt in 2017 -
Depomed Inc., (NASDAQ:DEPO) today announced that, in accordance
with its stated plans and the terms of the secured debt facility
with Deerfield and Pharmakon Advisors, LP, the company prepaid $100
million of principal amount of its $475 million secured
indebtedness. In addition, Depomed paid a prepayment fee of $4
million.
Under the terms of the 7-year loan agreement, which
matures in 2022, Depomed intends to refinance the remainder of the
$375 million secured indebtedness in 2017.
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995. The statements that are
not historical facts contained in this release are forward-looking
statements that involve risks and uncertainties including, but not
limited to the company’s expectations regarding refinancing and the
risks detailed in the Company’s Securities and Exchange Commission
filings, including the Company’s most recent Annual Report on Form
10-K and most recent Quarterly Report on Form 10-Q. The inclusion
of forward-looking statements should not be regarded as a
representation that any of the Company’s plans or objectives will
be achieved. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
The Company undertakes no obligation to publicly release the result
of any revisions to these forward-looking statements that may be
made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
About Depomed
Depomed is a leading specialty pharmaceutical
company focused on enhancing the lives of the patients, families,
physicians, providers and payers we serve through commercializing
innovative products for pain and neurology related disorders.
Depomed markets six medicines with areas of focus that include mild
to severe acute pain, moderate to severe chronic pain, neuropathic
pain, migraine and breakthrough cancer pain. Depomed is
headquartered in Newark, California. To learn more about Depomed,
visit www.depomed.com.
INVESTOR AND MEDIA CONTACT:
Christopher Keenan
VP, Investor Relations and Corporate Communications
510-744-8000
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