Alvogen Completes Comprehensive Refinancing with Longer-Dated Maturity Profile and Reduction of Debt

Man in Alvogen lab coat and petri dishes overlayed

Alvogen Pharma US, Inc. (“Alvogen” or the “Company”), a privately owned US-based pharmaceutical company, has completed a comprehensive refinancing of its capital structure. Alvogen raised a $553 million first lien term loan due 2028 (the “First Lien Term Loan”) and a $116 million second lien term loan due 2029 (the “Second Lien Term Loan”) to refinance its existing secured term loan due 2025. Overall, the new term loans reduce debt by approximately $60 million and represent approximately 1.4 times Alvogen’s 2024 EBITDA.

In addition to the First Lien and Second Lien Term Loans, Alvogen also announced it had successfully amended and extended its existing $240 million ABL revolving credit facility.

Alvogen expects in the coming days to see S&P raise the Company’s credit rating given the improved liquidity, strong operational performance, longer-dated maturity profile and overall debt reduction. In the interim, according to S&P's policies, a temporary rating will be issued. This current rating is short term in nature and not reflective of the current and future credit profile, following the comprehensive refinancing.

We are pleased to have completed this important refinancing for Alvogen, which strengthens our capital structure in terms of maturity and continued access to substantial liquidity, while also preserving flexibility to execute on our long-term business strategy

Lisa Graver, Chief Executive Officer of Alvogen

Goldman Sachs & Co. LLC and Jefferies LLC served as joint financial advisor and White & Case LLP served as legal counsel to Alvogen on this transaction.