S&C client Deerfield Management Company participated in the debt recapitalization of generic pharmaceutical maker Lannett Company. Deerfield and Beach Point Capital Management exchanged $184 million of first lien loans for second lien loans and warrants to purchase 19.9 percent of Lannett’s common stock. The transaction closed on April 22, 2021 upon Lannett’s issuance of new first lien bonds to refinance the non-exchanged portion of Lannett’s outstanding term debt.
Deerfield Management is a healthcare investment management firm.
The S&C team advising Deerfield Management includes Ari Blaut and Lindsey Meyer. David Hariton advised on tax matters.