NEWS Concordia Healthcare Announces Intent to Repay US$45 Million Debt, and Inclusion to Nasdaq Biotech Index
Tue Dec 15 12:10:00 2015 EDT
OAKVILLE, ON, Dec. 15, 2015 (Canada NewsWire via COMTEX News Network) -- Concordia Healthcare Corp. ("Concordia" or the "Company") (NASDAQ: CXRX) (TSX: CXR), an international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs, announced today that it intends to pay down US$11.25 million of its US$45 million senior unsecured bridge loan, and US$33.75 million of its US$135 million senior unsecured bridge loan. The repayment, which is scheduled for December 18, 2015, represents a total payment of US$45 million. The bridge loans were part of the financing for Concordia's recent acquisition of Amdipharm Mercury Limited, which closed on October 21, 2015. The US$45 million unsecured bridge loan and the US$135 million unsecured bridge loan have two and seven-year maturity dates, respectively. Neither of these loans can be converted into equity securities. "Our intent to pay down this portion of our senior unsecured bridge loans demonstrates our commitment to reduce our debt," said Mark Thompson, Concordia's Chairman and Chief Executive Officer. "Looking ahead to 2016, we intend to continue de-leveraging our business, while concurrently building the Company on the strength of our diverse, international portfolio of high-margin pharmaceutical products." Nasdaq Biotech Index Inclusion Concordia also announced today that it has been selected by NASDAQ for addition to the NASDAQ Biotechnology Index® (NASDAQ: NBI). The annual re-ranking of the NASDAQ Biotechnology Index will become effective at market open on Monday, December 21, 2015. Inclusion in the index should result in increased exposure for Concordia to a broader range of potential investors.