- Company Intends to Refinance the Remainder of Secured Debt in 2017 -
- Continues Commitment to De-Levering the Company -
NEWARK, Calif., April 04, 2017 (GLOBE NEWSWIRE) -- Depomed Inc., (NASDAQ:DEPO) today announced that, in accordance with its stated plans and the terms of the secured debt facility with Deerfield and Pharmakon Advisors, LP, the company prepaid $100 million of principal amount of its $475 million secured indebtedness. In addition, Depomed paid a prepayment fee of $4 million.
Under the terms of the 7-year loan agreement, which matures in 2022, Depomed intends to refinance the remainder of the $375 million secured indebtedness in 2017.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. The statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties including, but not limited to the company’s expectations regarding refinancing and the risks detailed in the Company’s Securities and Exchange Commission filings, including the Company’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q. The inclusion of forward-looking statements should not be regarded as a representation that any of the Company’s plans or objectives will be achieved. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Depomed is a leading specialty pharmaceutical company focused on enhancing the lives of the patients, families, physicians, providers and payers we serve through commercializing innovative products for pain and neurology related disorders. Depomed markets six medicines with areas of focus that include mild to severe acute pain, moderate to severe chronic pain, neuropathic pain, migraine and breakthrough cancer pain. Depomed is headquartered in Newark, California. To learn more about Depomed, visit www.depomed.com.
INVESTOR AND MEDIA CONTACT:
VP, Investor Relations and Corporate Communications