AMAG Pharmaceuticals redeems 7 7/8% notes via Cord Blood proceeds

By Susanna Moon

Chicago, Sept. 6 – AMAG Pharmaceuticals, Inc. redeemed its remaining $475 million of 7 7/8% senior notes due 2023, as planned.

The company said on June 15 that it planned to repay the notes using proceeds from the sale of Cord Blood Registry.

The sale closed Thursday, according to a company update.

“Through the payment of our senior notes, which eliminates nearly $40 million in annual cash interest expense, as well as the early retirement of the $320 million term loan in May 2017, we have dramatically improved our financial profile,” Ted Myles, chief financial officer, said in the release.

“With more than $400 million in cash and continued adjusted EBITDA generation, we have considerable flexibility to invest in and grow our current products, while continuing to pursue innovative products to add to our portfolio.”

AMAG is a Waltham, Mass., biopharmaceutical company.

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