Refinancing of Debt Helps Alkermes (ALKS) Save Cash, MKM Reiterates Buy, Raises PT
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Alkermes (ALKS) Completes Debt Refinancing; Boosts FY13 EPS Outlook
September 25, 2012 4:03 PM EDTAlkermes plc (Nasdaq: ALKS) today announced that it has successfully completed the refinancing of its previously outstanding senior secured bank debt and reduced the companys overall debt outstanding from approximately $450 million to $375 million. The new term loans will have a lower blended interest rate of 4.4% compared to the prior blended interest rate of 7.6%, and the refinancing is expected to result in savings of approximately $18 million in cash interest annually.
Our business has performed well and is generating positive cash flows, allowing us to reduce our overall debt. This solid performance enabled... More
