Lannett Company, Inc. announced the closing of a $30 million asset-backed revolving credit facility with Wells Fargo Bank, National Association.

"Completing this transaction enhances our financial flexibility, supports our ability to invest in growth opportunities and helps with management of short-term fluctuations in working capital, particularly associated with the launch of new products," said Tim Crew, chief executive officer of Lannett. "The new revolving credit facility replaces an earlier revolver that expired with our recent pay off, in full, of the company's Term A Loans. With the Term A Loans now paid off, we will increase our attention on addressing our Term B Loans, which mature in two years.

"We very much appreciate the support of Wells Fargo Bank in creating the revolver, along with our advisors that helped us navigate these matters. We of course particularly thank our Term Loan B lenders who agreed to the amendment that allowed us to complete the new credit facility."