MARKET CHATTERMarket Chatter: Concordia Healthcare Hits New 52-Week Low - Goldman Sachs Reportedly Struggles to Sell Concordia Debtless than 1 minute ago 11:14 AM EDT, 10/14/2015 (MT Newswires) -- Shares of Concordia Healthcare Corp. (CXRX) touched a new 12-month low Wednesday after Bloomberg reported that Goldman Sachs (GS) and other banks are struggling to sell nearly $2.8 billion of the pharmaceutical company's debt due to the ongoing drug-pricing controversy plaguing the pharmaceutical sector.
According to sources cited by Bloomberg, Goldman Sachs and other unnamed banks that committed to financing Concordia's purchase of drugmaker Amdipharm Mercury are facing low demand for two term loans totaling $1.86 billion. The loans are being marketed to back the takeover, sources noted adding that the banks plan to issue up to $950 million of bonds.
Concordia plans to finalize the acquisition next week, Bloomberg said.
CXRX was marginally higher in recent trade, with a new 52-week range of $30.76 to $73.23.
Price: 33.09, Change: +0.51, Percent Change: +1.57