Lannett Company, Inc. (NYSE: LCI) today announced that it has amended and increased its five-year revolving credit facility to $120 million from $50 million. The amended facility includes an accordion feature that will allow the company to increase borrowings by a total of up to an additional $30.0 million, subject to securing additional commitments from existing lenders or new lending institutions. The maturity date of the credit facility remains December 18, 2018.
"The amended credit facility, together with our strong balance sheet, provides financial firepower for Lannett's acquisition and organic growth strategy," said Arthur Bedrosian, chief executive officer of Lannett.
The company will file a Form 8-K with the U.S. Securities and Exchange Commission relating to the amendment, which will include a copy of the amendment and additional information regarding its terms.