Lannett completes purchase of $30.5 million of term A loans

By Sarah Lizee

Olympia, Wash., May 21 – Lannett Co., Inc. completed the purchase of about $30.5 million of its term A loans in a private transaction, according to a press release.

“We are particularly pleased to use our strong cash position to continue to reduce our term A loans, which have a nearer term maturity than our term B loans," Tim Crew, chief executive officer of Lannett, said in the release.

Following the purchase, the outstanding term loan A balance now stands at about $168 million.

The company said that in March it completed the purchase of about $24 million principal amount of its term A and term B loans in open-market transactions, bringing the total purchases of its term loans to about $55 million over the last three months.

These amounts are in addition to the company's required annual principal payments of about $67 million.

Lannett makes generic pharmaceutical products and is based in Philadelphia.

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