Valeritas Reduces its Long-Term Debt Obligation Nearly 60% by Exchanging $25.0 Million of Debt for Series B Convertible Preferred Stock
VALERITAS HOLDINGS (VLRX)
Last valeritas holdings earnings: 11/12 04:05 pm
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Source: GlobeNewswire
- Debt Exchange Expected to Save Approximately $8 Million in Cash Interest Expense - - Provides Corporate Updates Including Expectation That Third Quarter U.S. Revenue Will Grow 30% Over Prior Year - BRIDGEWATER, N.J., Oct. 02, 2019 (GLOBE NEWSWIRE) -- Valeritas Holdings, Inc. (NASDAQ: VLRX), a medical technology company and maker of the V-Go® Wearable Insulin Delivery device, which uses its proprietary h-Patch™ technology, announced today the restructuring of a substantial portion of its outstanding long-term debt, reducing the total debt balance by an aggregate of $25.0 million. Under the terms of the debt restructuring, $25.0 million of Valeritas senior secured long-term debt held by CR Group L.P. (CRG) affiliated funds and another creditor was exchanged for newly created Valeritas Series B Convertible Preferred Stock, the terms of which are disclosed in a Form 8-K to be filed with the SEC. The debt exchange reduces the outstanding balance of senior secured debt to approximate
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