BUENA, N.J., Sept. 23, 2020 (GLOBE NEWSWIRE) — Teligent, Inc. (NASDAQ: TLGT) (“Teligent” or the “Company”), a New Jersey-based specialty generic pharmaceutical company, announced the closing of the issuance of approximately $27.5 million aggregate principal amount of Zero Coupon Convertible Senior Notes due 2023 (the “New 2023 Notes”) in exchange for approximately $57.9 million in aggregate principal amount, plus accrued but unpaid interest, of the Company’s outstanding 4.75% Convertible Senior Notes due May 2023 (the “Series A Convertible Notes”), which gives effect to a 52.5% discount on the principal amount of Series A Convertible Notes exchanged. The Company also issued approximately $0.4 million aggregate principal amount of New 2023 Notes in exchange for approximately $0.5 million in aggregate principal amount, plus accrued but unpaid interest, of the Company’s outstanding 7.0% Cash / 8.0% PIK Series B Senior Unsecured Convertible Notes due 2023 (the “Series B Convertible Notes”), which gives effect to a 31% discount on the principal amount of Series B Convertible Notes exchanged.
The New 2023 Notes will not bear interest and will mature in May 2023.The New 2023 Notes are convertible at the option of the holder at any time prior to maturity at an initial conversion price of $1.50 per share, subject to adjustment under certain circumstances. In the event that Teligent undergoes a “fundamental change,” holders of New 2023 Notes may require Teligent to purchase for cash all or any portion of the New 2023 Notes at the fundamental change purchase price equal to 100% of the principal amount of notes being repurchased plus accrued but unpaid special interest, if any, thereon.Tim Sawyer, President & Chief Executive Officer of Teligent Inc. stated “This transaction was the result of close collaboration with our Series A bondholders. The terms reflect their support of the Company’s effort to improve short-term liquidity and enables us to take another step towards de-leveraging our balance sheet.”Jefferies LLC served as exclusive financial advisor and K&L Gates LLP served as legal counsel to Teligent.The New 2023 Notes and any shares of common stock issuable upon conversion of the New 2023 Notes (the “Conversion Shares”) have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other jurisdiction’s securities laws, and the New 2023 Notes and the Conversion Shares may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws. Teligent does not intend to file a registration statement for the resale of the New 2023 Notes or any Conversion Shares.This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor does it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.Forward-Looking Statements
Philip K. Yachmetz
Teligent, Inc.
(856) 776-4632
www.teligent.com
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