Lannett pays in full remaining $42 million outstanding term A loans

By Taylor Fox

New York, Nov. 30 – Lannett Co., Inc. used a portion of its existing cash on hand to pay in full its remaining $42 million outstanding balance of term A loans, according to a news release.

“This payoff will result in annual reductions of interest expense and principal payments of approximately $3 million and $27 million, respectively,” said Lannett chief executive officer Tim Crew in the release. “At the same time, we have enhanced our financial flexibility, as the company's remaining debt is free of financial covenants.”

Lannett is a generic drug company based in Philadelphia.

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