- Depomed (NASDAQ:DEPO) announces that it intends to refinance its existing $375M of Senior Notes that currently pay a coupon of 9.75% over three-month LIBOR (currently 1.30%).
- Concurrently, it expects Q3 sales to be $98M - 103M and non-GAAP EBITDA of $23M - 28M. Complete results will be released in early August.
- CEO Art Higgins says, “Our second quarter performance marked an improvement over our first quarter and was consistent with our expectations. We believe that in light of the quarter’s performance we are on track to achieve our previously stated financial guidance for the full year. Refinancing our debt is an important 2017 goal and we expect that we will be able to refinance on significantly more favorable terms given our solid net sales and EBITDA. Our intent is to close the refinancing during the quarter.”
- Now read: Depomed business development chief to retire at end of month with golden parachute
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