Lannett Company, Inc. (NYSE: LCI) today announced that it has completed the repurchase of the remaining $200 million of the 12% Senior Notes due in 2023, after successfully amending its existing credit agreement and raising an incremental $150 million Term Loan B. The company used the proceeds of the incremental Term Loan B and cash on hand to repurchase the remaining Senior Notes. As previously announced, the company completed the repurchase of $50 million of the 12% Senior Notes in late May 2016.

"Paying off the entire balance of our high interest debt is a major accomplishment for the company and, at current interest rates, will save us approximately $170 million in cash interest over the life of the loans," said Arthur Bedrosian, chief executive officer of Lannett. "We would like to thank our lenders for their support and BMO Capital Markets, who acted as our advisor. We are thrilled to have completed this significant transaction in this volatile market. We look forward to using our strong cash flows to continue reducing our outstanding debt, while also maintaining a solid cash position."

The terms of the incremental Term Loan B are consistent with the company's existing Term Loan B.

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.