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AMAG Pharmaceuticals Pays Off $475 Million of Senior Secured Notes
Early Retirement of more than $800 million in debt since mid-2017 significantly strengthens balance sheet
WALTHAM, Mass., Sept. 06, 2018 (GLOBE NEWSWIRE) -- 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.”
AMAG 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.