BUENA, N.J., Nov. 13, 2018 (GLOBE NEWSWIRE) -- Teligent, Inc. (NASDAQ: TLGT), announced today that the Company secured a financing commitment from funds managed by Ares Management, L.P. (NYSE: ARES), on November 12, 2018. Pursuant to the commitment, Ares will provide Teligent with a new senior-secured asset-based first lien revolving credit facility and second lien term loans (including delayed-draw term loans) in the principal amounts of $25 million and $95 million, respectively. The $25 million revolving credit facility will be used to manage working capital needs and replace the existing $25 million term loan facility. $80 million of the term loans will be used to redeem the Company’s December 2019 convertible bonds, as well as provide further liquidity. $15 million of additional term loans will be available to the Company in 2019 to fund the installation of a high-speed filling line in the Company’s recently expanded sterile injectable manufacturing site in Buena, NJ.

“One of our top priorities for the year was to address the Company’s capital structure, most specifically the convertible bonds maturing in December 2019,” commented Damian Finio, Teligent’s Chief Financial Officer. “We are looking forward to having a world-class organization like Ares as part of our capital structure. This facility enables us to address the December 2019 convertible bonds, provides the working capital needed to continue launching new products and the funding necessary to significantly increase our injectable manufacturing capacity in the medium-term.” Teligent and Ares expect to execute definitive documentation before the end of November, subject to the satisfaction of certain closing conditions.

About Teligent, Inc.

Teligent is a specialty generic pharmaceutical company. Our mission is to be a leading player in the specialty generic prescription drug market. Learn more on our website www.teligent.com.