Alvogen Completes Comprehensive Refinancing with Longer-Dated Maturity Profile and Reduction of Debt
Summary
Overall, the new term loans reduce debt by approximately $60 million and represent approximately 1.4 times Alvogens 2024 EBITDA.In addition to the First Lien and Second Lien Term Loans, Alvogen also announced it had successfully amended and extended its existing $240 million ABL revolving credit facility.Alvogen expects in the coming days to see S&P raise the Companys credit rating given the improved liquidity, strong operational performance, longer-dated maturity profile and overall debt reduction. This current rating is short term in nature and not reflective of the current and future credit profile, following the comprehensive refinancing.We are pleased to have completed this important refinancing for Alvogen, which strengthens our capital structure in terms of maturity and continued access to substantial liquidity, while also preserving flexibility to execute on our long-term business strategy, said Lisa Graver, Chief Executive Officer of Alvogen.Goldman Sachs & Co. LLC and Jefferies LLC served as joint financial advisor and White & Case LLP served as legal counsel to Alvogen on this transaction.ABOUT AZTIQAztiq is a visionary healthcare focused private equity company dedicated to fostering innovation and driving positive change within the industry. With a proven track record of success, Aztiq continues to make a lasting impact on the health and well-being of people around the world. Presently, Alvogen has over 50 products currently on market and extensive R&D capabilities fueling its growing pipeline. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article.