Concordia International (CXRX) Closes Senior Notes Offering; Names Allan Oberman to Board
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Concordia International Corp. (NASDAQ: CXRX) announced the closing of its previously disclosed offering of 5 ½ year Senior Secured First Lien Notes.
The Notes bear an interest rate of 9.00 per cent per annum and were issued at 100.00 per cent of their face value. The principal amount of the Notes is US$350 million.
Concordia intends to use the net proceeds from the Offering 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, 2016. Going forward, the Company will continue to execute its business plan and will assess strategic alternatives in order to maximize value creation for shareholders.
Addition of Industry Veteran to Board of Directors
Concordia also announced today that Allan Oberman will be appointed to its board of directors (the "Board"), effective October 14, 2016.
"Allan's extensive international pharmaceutical industry experience will be valuable to Concordia as the Company focusses on strengthening its existing business in established commercial regions, expanding into new territories and reviewing the strategic direction of the Company," said Mark Thompson, Chairman and Chief Executive Officer of Concordia.
Mr. Oberman brings to Concordia more than 15 years of international pharmaceutical industry experience including his most recent role as Chief Executive Officer of specialty pharmaceutical company Sagent Pharmaceuticals, Inc. Sagent was sold to Nichi-Iko Pharmaceutical Co. Ltd., Japan's largest generic drug manufacturer, in a transaction that closed on August 29, 2016.
Prior to Sagent, from November 2012 to December 2014, Mr. Oberman served as President and CEO of Teva Americas Generics, a region which included the U.S., Canada and Latin America.
He joined Teva in 2000 and served as President of Teva EMIA (Eastern Europe, Middle East, Israel and Africa), where he led a diverse group of countries in achieving consistent sales growth. Mr. Oberman also served as the Chief Operating Officer of Teva International, and President and CEO of Teva Canada, formerly known as Novopharm Limited.
"Joining Concordia's board of directors provides an opportunity to continue to help shape a company that is well positioned in the specialty pharmaceutical industry," said Allan Oberman.
Following the appointment of Mr. Oberman, the Board will consist of six members, five of whom are independent. It is also expected that Mr. Oberman will join the Human Resources and Compensation Committee of the Board, and Mr. Jordan Kupinsky, the Corporation's lead independent director, will step down as a member of such committee.
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