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May 04, 2015 3:46 AM ET


Company Overview of Par Pharmaceutical Companies Inc.

Company Overview

Par Pharmaceutical Companies, Inc. develops, licenses, manufactures, markets, and distributes generic drugs in the United States. It operates through two segments, Par Pharmaceutical and Par Specialty Pharmaceuticals. The Par Pharmaceutical segment markets generic products under Par Pharmaceutical brand name and sterile products under the Par Sterile brand. This segment also offers dosage forms and delivery systems, including oral solids and alternate dosage forms, such as oral solids, injectables, topicals, nasal sprays, ophthalmics, films, and transdermal patches. In addition, this segment markets pharmaceutical products, including Exforge, Lovaza, Precedex, Lamictal XR, Luvox CR, and Foca...

One Ram Ridge Road

Chestnut Ridge, NY 10977

United States

Founded in 1978

1,600 Employees



Key Executives for Par Pharmaceutical Companies Inc.

Chief Executive Officer, Director and Chief Executive Officer of Sky Growth Holdings Corporation
Age: 52
Chief Financial Officer, Executive Vice President, Treasurer and Director
Age: 56
Chief Operating Officer
Age: 48
Chief Commercial Officer
Age: 57
Secretary and Deputy General Counsel
Compensation as of Fiscal Year 2014.

Par Pharmaceutical Companies Inc. Key Developments

Par Pharmaceutical Companies Inc., Q4 2014 Earnings Call, Mar 13, 2015

Par Pharmaceutical Companies Inc., Q4 2014 Earnings Call, Mar 13, 2015

Par Pharmaceutical Companies Inc. and Par Pharmaceutical Inc. Enter into Amendment No. 6 to the Amended Credit Agreement

On February 20, 2015, Par Pharmaceutical Companies Inc. entered into amendment No. 5 among the company, the lenders party thereto, and Bank of America, N.A., as administrative agent, which amends the exiting credit agreement dated as of September 28, 2012, as amended by amendment No. 1, dated as of February 6, 2013, amendment No. 2, dated as of February 20, 2013, amendment No. 3, dated as of February 28, 2013, and amendment No. 4, dated as of February 20, 2014, among the company, its subsidiary, Par Pharmaceutical Inc., Sky Growth Intermediate Holdings II Corporation, certain subsidiaries of the company party thereto, Bank of America, as administrative agent, swing line lender and L/C issuer, each lender from time to time party thereto, and the other parties from time to time party thereto. On February 25, 2015, the company entered into amendment No. 6 among the borrowers, holdings, certain subsidiaries of the company party thereto, Bank of America, as administrative agent and incremental term lender. Amendment No. 5, which was effective as of February 25, 2015, increased the first lien net leverage levels included in the financial maintenance covenant, which covenant only applies to the extent there are revolving loans, swing line loans or letters of credit outstanding. Amendment No. 6 authorized the funding of a new tranche of term loans in an aggregate principal amount of $425 million. The terms of term B-3 loans are substantially the same as the terms of the existing term B-2 loans, except that the interest rate margins applicable to term B-3 loans are 3.25% for LIBOR and 2.25% for base rate, a 25 basis point increase compared to the term B-2 loans and the term B-3 loans are subject to a soft call provision applicable to the optional prepayment of the loans which requires a premium equal to 1.00% of the aggregate principal amount of the loans being prepaid if, on or prior to August 25, 2015, the company enters into certain re-pricing transactions. Additionally, all voluntary and mandatory prepayments of outstanding term loans must be made pro rata among the term B-3 loans and the term B-2 loans. Borrowings under the term B-3 loans were used to pay a $494.3 million cash dividend to stockholders of the indirect parent of the company.

Par Pharmaceutical Companies Inc. Provides Earnings Guidance for the Year Ended December 31, 2014

Par Pharmaceutical Companies Inc. provided earnings guidance for the year ended December 31, 2014. For the year, the company anticipates recording revenue of $1,309 million, net loss of $97 million, EBITDA of $183 million and adjusted EBITDA of $473 million.

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