Lannett pays off remaining $42M in outstanding loans
Nov. 30, 2020 6:59 AM ETLannett Company, Inc. (LCI)By: Douglas W. House, SA News Editor2 Comments
Using cash on hand, Lannett Company (NYSE:LCI) has fully repaid the remaining outstanding balance of $42M in its Term A Loans.
CEO Tim Crew says, "Paying off our Term A Loans is an important achievement and a key step toward strengthening our balance sheet and improving our long-term financial health. This payoff will result in annual reductions of interest expense and principal payments of approximately $3 million and $27 million, respectively. At the same time, we have enhanced our financial flexibility, as the company's remaining debt is free of financial covenants."
