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Citibank, PNC Provide $50MM Facility to Lannett

December 20, 2013, 07:13 AM
Filed Under: Pharmaceuticals

Lannett Company, Inc. has established a new, five-year $50 million revolving credit facility with a syndicate of two lenders, Citibank, N.A., as administrative agent, and PNC Bank, National Association. Lannett expects to use the credit facility for general corporate purposes, including acquisitions. The facility is secured by substantially all of the company's assets.

"This credit facility supports our plans for continued growth and provides additional capital for potential acquisitions," said Arthur Bedrosian, president and chief executive officer of Lannett.

"We couldn't be happier than to be partnering with a company the caliber of Lannett and look forward to growing a long-term corporate banking relationship," said Tim Merriman, who leads Citibank's Philadelphia Corporate Banking.

Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of medical indications.

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