REYKJAVIK, Iceland and MORRISTOWN, N.J., March 10, 2025 (GLOBE NEWSWIRE) -- Alvogen Pharma US, Inc. ("Alvogen" or the "Company"), a privately owned US-based pharmaceutical company, has completed a comprehensive refinancing of its capital structure. Alvogen raised a $553 million first lien term loan due 2028 (the "First Lien Term Loan") and a $116 million second lien term loan due 2029 (the "Second Lien Term Loan") to refinance its existing secured term loan due 2025. Overall, the new term loans reduce debt by approximately $60 million and represent approximately 1.4 times Alvogen's 2024 EBITDA.
In addition to the First Lien and Second Lien Term Loans, Alvogen also announced it had successfully amended and extended its existing $240 million ABL revolving credit facility.
Alvogen expects in the coming days to see S&P raise the Company's credit rating given the improved liquidity, strong operational performance, longer-dated maturity profile and overall debt reduction. In the interim, according to S&P's policies, a temporary rating will be issued. This current rating is short term in nature and not reflective of the current and future credit profile, following the comprehensive refinancing.
"We are pleased to have completed this important refinancing for Alvogen, which strengthens our capital structure in terms of maturity and continued access to substantial liquidity, while also preserving flexibility to execute on our long-term business strategy," said Lisa Graver, Chief Executive Officer of Alvogen.
Goldman Sachs & Co. LLC and Jefferies LLC served as joint financial advisor and White & Case LLP served as legal counsel to Alvogen on this transaction.
ABOUT AZTIQ
Aztiq is a visionary healthcare focused private equity company dedicated to fostering innovation and driving positive change within the industry. Led by Robert Wessman and a team of veteran entrepreneurs, Aztiq is committed to identifying, investing in, and nurturing ground-breaking healthcare solutions in pharma and biotech to address global healthcare challenges. By leveraging the cumulative experience of the team, Aztiq aims to improve patient outcomes, increase access to quality healthcare, and create a more efficient and sustainable healthcare ecosystem. With a proven track record of success, Aztiq continues to make a lasting impact on the health and well-being of people around the world. For more information, please visit www.aztiq.com and follow Aztiq on LinkedIn.
ABOUT ALVOGEN
Alvogen is a privately-owned company focused on developing, in-licensing, manufacturing and marketing pharmaceutical products. Alvogen is growing its portfolio of complex, high value products including complex inhalation, injectables and strategic 505.
For more information: info@aztiq.com
