PHILADELPHIA, April 6, 2021 /PRNewswire/ -- Lannett
Company, Inc. (NYSE: LCI) (the "Company") today announced that it
intends to offer, subject to market conditions and other factors,
$350 million aggregate principal
amount of senior secured notes due 2026 (the "Notes") in a private
placement to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended (the "Securities Act")
and outside the United States to
persons other than U.S. persons in reliance upon Regulation S under
the Securities Act.
The Notes are expected to bear interest that will be payable
semiannually. The Notes will mature in April
2026, unless earlier redeemed or repurchased in accordance
with their terms. The Notes will be secured by first priority liens
on substantially all of the assets of the Company and the
guarantors, other than working capital assets pledged to secure the
Company's asset-backed credit facility, as to which the Notes will
be secured on a second lien basis. The final terms of the Notes
will be determined by market conditions and other factors and there
is no guarantee that the Notes offering will be completed.
The Company intends to use the net proceeds of the Notes
offering, together with other borrowings under a separate
anticipated junior lien credit facility and cash on hand, to repay
its existing term loan indebtedness and to pay certain related fees
and expenses.
This press release is neither an offer to sell nor a
solicitation of an offer to buy the Notes, nor will there be any
sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
The Notes have not been and will not be registered under the
Securities Act, or the securities laws of any other jurisdiction,
and may not be offered or sold in the
United States absent registration or an applicable exemption
from registration requirements. The offering of the Notes is being
made to qualified institutional buyers pursuant to Rule 144A under
the Securities Act and outside the United
States to persons other than U.S. persons in reliance upon
Regulation S under the Securities Act.
About Lannett Company, Inc.:
Lannett Company, founded
in 1942, develops, manufactures, packages, markets and distributes
generic pharmaceutical products for a wide range of medical
indications. For more information, visit the company's
website at www.lannett.com.
This news release contains certain statements of a
forward-looking nature relating to future events or future business
performance. Any such statements, including, but not limited
to, the proposed offering of the Notes, the anticipated terms and
the timing and closing of the Notes, the expected use of the net
proceeds from this transaction, whether expressed or implied, are
subject to risks and uncertainties which can cause actual results
to differ materially from those currently anticipated due to a
number of factors which include, but are not limited to, the
difficulty in predicting the timing or outcome of FDA or regulatory
approvals or actions, the ability to successfully manufacture and
commercialize products upon approval, including acquired products,
and the Company's estimated or anticipated future financial
results, future inventory levels, future competition or pricing,
future levels of operating expenses, product development efforts or
performance, and other risk factors discussed in the Company's Form
10-K and other documents filed with the Securities and Exchange
Commission from time to time. These forward-looking
statements represent the Company's judgment as of the date of this
news release. The Company disclaims any intent or obligation
to update these forward-looking statements.
Contact:
Robert Jaffe
Robert Jaffe Co., LLC
(424) 288-4098
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SOURCE Lannett Company, Inc.