Teligent Executes $120 Million Financing Agreement

Teligent (NASDAQ:TLGT) announced today that on December 13, 2018 the Company entered into a definitive first lien revolving credit agreement with ACF Finco I LP, a limited partnership affiliated with Ares Management Corporation, as administrative agent, and the lenders party thereto and a definitive second lien credit agreement with Ares Capital Corporation, as administrative agent, and the lenders party thereto.

As quoted in the press release:

The new senior-secured asset-based first lien revolving credit facility and second lien term loans (including delayed-draw term loans) are in the aggregate principal amounts of $ 25 million and up to $ 95 million, respectively.  The $ 25 million first lien revolving credit facility will be used to redeem or repurchase in part the Company’s 3.75% senior notes maturing in December 2019 and manage working capital needs.  $ 80 million of the term loans will be used to redeem or repurchase in part the Company’s 3.75% senior notes maturing in December 2019, to refinance a portion of the Company’s existing $ 25 million term loan facility and to pay fees, costs and expenses in connection with the foregoing.  $ 15 million of additional term loans will be available to the Company in 2019 subject to satisfaction of certain conditions to fund the installation of a high-speed filling line in the Company’s recently expanded sterile injectable manufacturing site in Buena, NJ.

Click here to read the full press release.

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