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CXRX

Concordia

13:34
10/13/16
10/13
13:34
10/13/16
13:34

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.

CXRX Concordia

09/16/16
ADAM
09/16/16
DOWNGRADE
ADAM
Speculative Buy
Concordia downgraded to Speculative Buy from Buy at Canaccord
09/19/16
SCOT
09/19/16
UPGRADE
SCOT
Sector Perform
Concordia upgraded to Sector Perform from Underperform at Scotiabank
Scotiabank downgraded Concordia to Sector Perform citing increased uncertainty of growth in the UK business.
10/04/16
ADAM
10/04/16
NO CHANGE
Target $10
ADAM
Speculative Buy
Concordia stake sale could lead to multiple expansion, says Canaccord
Canaccord analyst Neil Maruoka noted media reports suggesting Concordia was considering the sale of a minority stake to help ease its debt burden. The analyst said the company's strategic review is ongoing and said recent management commentary suggests some form of transaction is being considered. Maruoka believes a reduction in the company's debt service could open the opportunity for multiple expansion. Maruoka reiterated his Speculative Buy rating and $10 price target on Concordia shares.
10/07/16
ADAM
10/07/16
NO CHANGE
Target $10
ADAM
Speculative Buy
Concordia debt issue yields some breathing room, says Canaccord
Canaccord analyst Neil Maruoka noted Concordia priced its $350M of debt at reasonable prices given its increased debt load and the widening of its credit spreads. The analyst said the company can generate sufficient cash to meet its obligations over the next 18 months and the cash infusion should provide sufficient liquidity to manage the timing of payments. Maruoka maintained his Speculative Buy rating and $10.00 price target on Concordia shares.

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