On April 3, 2023 Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to non-opioid pain management and regenerative health solutions, reported the repayment on March 31, 2023 of $287.5 million in Term Loan B debt, which represented all outstanding principal under the facility, using net proceeds from a new $150 million 5-year Term Loan A Facility and existing cash resources (Press release, Pacira Pharmaceuticals, APR 3, 2023, View Source [SID1234629755]). After the debt repayment, the company expects to finish the first quarter of 2023 with approximately $180 million in cash and investments.

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"These transactions significantly improve our debt leverage ratio and reaffirm our belief in the strong and growing cash flow of the business," said Charles Reinhart, chief financial officer of Pacira BioSciences. "Retiring our Term Loan B debt is expected to reduce our 2023 full-year interest expense by at least $15 million as our new Term Loan A debt carries an interest rate that is 400 basis points lower than the Term Loan B debt. Looking ahead, we remain confident in our ability to self-fund our growth and execute our 5-year plan for achieving adjusted EBITDA margins that exceed 50 percent."

The $150 million Term Loan A Facility was placed with high-quality commercial banks. JPMorgan Chase Bank, N.A. acted as Sole Lead Arranger / Bookrunner and Administrative Agent.