| 2016-10-13 13:34:34|
CXRX 13:34 10/13 10/13/16
Concordia formally concludes strategic review after note offering
Concordia International announced the closing of its previously disclosed offering of 5 1/2 year Senior Secured First Lien Notes. The principal amount of the Notes is $350M. Concordia intends to use the net proceeds for general corporate purposes, including funding of pipeline products and funding small regional product acquisitions. The closing of the offering marks the formal conclusion of the company's strategic review, which was originally announced on April 21. Going forward, the company said it will "continue to execute its business plan and will assess strategic alternatives in order to maximize value creation for shareholders." Concordia also announced that Allan Oberman will be appointed to its board of directors. The shares are down 13c, or 3%, to $4.18 in afternoon trading.