Mallinckrodt Pharmaceuticals issued the following announcement April 16.
Mallinckrodt plc a leading global specialty pharmaceutical company, announced the $300 million repayment of unsecured, fixed-rate notes maturing April 15, 2018 with cash on hand.
The debt was issued by Mallinckrodt International Finance SA in 2013 in preparation for the company's spin-off from its former parent (CUSIP #561234AD7).
"One of our key strategic imperatives for 2018, as noted in our February earnings release, is ensuring execution on a highly disciplined capital allocation strategy. We have a particular focus on reducing debt and deleveraging the balance sheet throughout 2018.
With this payment today, our total debt stands at less than $6.6 billion," said Matt Harbaugh, Executive Vice President and Chief Financial Officer of Mallinckrodt. "We will continue to look for opportunities to reduce debt further in 2018 and will allocate capital toward pursuing business development opportunities and share repurchases where they make strategic sense."
Mallinckrodt will report first quarter 2018 earnings results on May 8, 2018.
Original source: http://www.mallinckrodt.com/about/news-and-media/2342792
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