AMAG Pharmaceuticals Pays Off $475 Million of Senior Secured Notes
September 06 2018 - 08:00AM
AMAG Pharmaceuticals, Inc. (NASDAQ:AMAG) today announced that
it has redeemed $475 million of its outstanding 7.875% senior
notes, using the proceeds from the sale of Cord Blood Registry®,
which closed on August 6, 2018.
“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,” said Ted Myles,
AMAG’s chief financial officer. “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.”
About AMAGAMAG is a pharmaceutical company
focused on bringing innovative products to patients with unmet
medical needs. The company does this by leveraging its development
and commercial expertise to invest in and grow its pharmaceutical
products across a range of therapeutic areas, including women’s
health. In addition, AMAG seeks to collaborate on and acquire
promising therapies at various stages of development, and advance
them through the clinical and regulatory process to deliver new
treatment options to patients. For additional company information,
please visit www.amagpharma.com.
Forward Looking Statements This press release
contains forward-looking information about AMAG within the meaning
of the Private Securities Litigation Reform Act of 1995 and other
federal securities laws. Any statements contained herein which do
not describe historical facts, including, among others, AMAG’s
beliefs about its financial profile and its ability to invest in
and grow its current products and product portfolio, are based on
management’s current expectations and beliefs and are
forward-looking statements which involve risks and uncertainties
that could cause actual results to differ materially from those
discussed in such forward-looking statements.
Such risks and uncertainties include those risks identified in
AMAG’s filings with the U.S. Securities and Exchange Commission
(SEC), including its Annual Report on Form 10-K for the year ended
December 31, 2017, its Quarterly Report on Form 10-Q for the
quarter ended June 30, 2018 and subsequent filings with the SEC,
which are available at the SEC’s website at www.sec.gov. Any such
risks and uncertainties could materially and adversely affect
AMAG’s results of operations, its profitability and its cash flows,
which would, in turn, have a significant and adverse impact on
AMAG’s stock price. AMAG cautions you not to place undue reliance
on any forward-looking statements, which speak only as of the date
they are made.
AMAG disclaims any obligation to publicly update or revise any
such statements to reflect any change in expectations or in events,
conditions or circumstances on which any such statements may be
based, or that may affect the likelihood that actual results will
differ from those set forth in the forward-looking statements.
AMAG Pharmaceuticals® is a registered trademark of AMAG
Pharmaceuticals, Inc.
Contact: Linda Lennox 908-627-3424
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