Lannett to buy back $50 million of 12% notes in open market Thursday

By Susanna Moon

Chicago, May 26 – Lannett Co. Inc. said it planned to repurchase $50 million of its $250 million principal amount of 12% senior notes due 2023 in the open market on Thursday.

BMO Capital Markets was the adviser.

“Paying down a portion of our senior notes well before the due date will significantly lower our interest expense going forward,” Arthur Bedrosian, chief executive officer of Lannett, said in a company press release.

“Our business is strong and continues to generate positive cash flow, which we intend to use to further reduce our outstanding debt.”

Lannett is a Philadelphia-based manufacturer of generic pharmaceutical products.

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