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AMAG Pharmaceuticals to repay 7 7/8% notes with Cord Blood proceeds
New York, June 15 – AMAG Pharmaceuticals, Inc. plans to repay its remaining $475 million of 7 7/8% senior notes due 2023 using proceeds from the sale of Cord Blood Registry, according to a news release.
AMAG announced on Friday that it has agreed to sell Cord Blood Registry for $530 million in cash.
The buyer is private equity firm GI Partners.
“We believe eliminating the high-yield bonds from our capital structure will align our balance sheet with our long-term growth plans and our renewed focus on growing and further diversifying our pharmaceutical business,” said Ted Myles, chief financial officer, in the news release.
AMAG is a Waltham, Mass., biopharmaceutical company.
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