Concordia International Corp. completed a previously announced recapitalization, reducing its total debt by about $2.4 billion.
The restructuring plan also reduced the Canadian specialty pharmaceutical company's annual cash interest expense by about $170 million.
Under the recapitalization, Concordia International raised $586.5 million in a private placement of about 87.69% of its outstanding limited voting stock. The company also exchanged about $2.1 billion of secured debt for cash and new secured debt, as well as about $1.6 billion of unsecured debt for new limited voting shares.
Common stock holders retained their interests in Concordia International, subject to a 1-for-300 share consolidation and redesignation. All other equity interests in the company have been cancelled.
The company will seek organic and inorganic growth opportunities to allow its global specialty generics platform to reach its full potential, CEO Graeme Duncan said in a news release.
Concordia International expects to have about $200 million of unrestricted cash on hand after the restructuring plan.