Lannett Voluntarily Pays Down Remaining $25 Million Principal Balance Of Revolving Credit Facility

PHILADELPHIA, May 9, 2017 /PRNewswire/ -- Lannett Company, Inc. (NYSE: LCI) today announced that the company voluntarily paid down the remaining principal balance of $25 million against its existing revolving credit facility.

“Since January of this year, we have made payments totaling $125 million to pay down the entire outstanding balance of our revolving credit facility,” said Arthur Bedrosian, chief executive officer of Lannett. “As a result, we will save approximately $7.3 million in annualized cash interest expense, at current rates. Although our industry is facing a competitive pricing environment, our business remains solid and we will continue to use our strong cash flows to further reduce our outstanding debt.”

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, continuing to reduce outstanding debt, 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 other regulatory approvals or actions, the ability to successfully commercialize products upon approval, including acquired products, and Lannett’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.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lannett-voluntarily-pays-down-remaining-25-million-principal-balance-of-revolving-credit-facility-300453614.html

SOURCE Lannett Company, Inc.