Assertio Therapeutics Announces Amendment of its Senior Secured Credit Facility
January 09 2019 - 7:00AM
Assertio Therapeutics, Inc. (NASDAQ: ASRT) today announced that it
has amended its Senior Secured Credit Facility, replacing the
previous fixed adjusted EBITDA covenant with a trailing 12-month
debt-to-adjusted EBITDA ratio that declines over time (see table).
“This amendment gives us greater flexibility as we continue to
pay down debt and invest in our core business, which will help us
build and grow for the future,” said Arthur Higgins, President and
Chief Executive Officer of Assertio.
Revised Covenant Terms:
Period |
Senior Secured Debt Leverage Ratio |
1st Fiscal Quarter 2019 |
2.25:1.0 |
2nd and 3rd Fiscal Quarters 2019 |
2.0:1.0 |
4th Fiscal Quarter 2019 |
1.75:1.0 |
1st Fiscal Quarter 2020 |
1.5:1.0 |
2nd Fiscal Quarter 2020 |
1.25:1.0 |
Thereafter |
1.0:1.0 |
In addition, the Company will add a trailing four-quarter net
sales covenant of $195 million. Additional information regarding
the amendment is provided in the Company’s Current Report on Form
8-K filed with the Securities and Exchange Commission.
About Assertio Therapeutics, Inc.Assertio
Therapeutics is committed to providing responsible solutions to
advance patient care in the Company’s core areas of neurology,
orphan and specialty medicines. Assertio currently markets three
FDA-approved products and continues to identify, license and
develop new products that offer enhanced options for patients that
may be underserved by existing therapies. To learn more about
Assertio, visit www.assertiotx.com.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995This news release contains
forward-looking statements. These statements involve inherent risks
and uncertainties that could cause actual results to differ
materially from those projected or anticipated, including risks
related to our loan agreements, including our senior secured debt
facility, expectations regarding potential business and investment
opportunities and other risks outlined in the Company's public
filings with the Securities and Exchange Commission, including the
Company's most recent annual report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q. All information provided in this
news release speaks as of the date hereof. Except as otherwise
required by law, the Company undertakes no obligation to update or
revise its forward-looking statements.
Investor and Media Contact:John B. Thomas SVP,
Investor Relations and Corporate Communications
jthomas@assertiotx.com
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