Watson Pharmaceuticals Announces New Credit Facility
Unsecured Borrowing Commitments Total $95 Million
CORONA, Calif., Jan. 26 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) announced today that it has finalized arrangements with Mellon Bank, N.A. for a new unsecured revolving credit facility for $75 million. The new credit facility increases Watson's unsecured borrowing availability to $95 million. The new financing arrangement was undertaken to augment Watson's overall liquidity for general working capital purposes, and the new credit availability is not earmarked for any specific activity or transaction.
"Our increased credit facilities supplement our internal cash flow and provide Watson with additional resources to continue to pursue our growth strategy," commented Dr. Allen Chao, chairman and chief executive officer. "We are pleased to have Mellon Bank as one of our financing providers."
The Securities and Exchange Commission (SEC) encourages companies to disclose forward-looking information so that investors can better understand a company's future prospects and make informed investment decisions. Due to changing market conditions, product competition, the nature of product development and regulatory approval processes, the achievement of forward-looking statements contained in this press release are subject to risks and uncertainties. For further details and a discussion of these risks and uncertainties, see Watson's SEC filings, including its annual report on Form 10-K.
Watson Pharmaceuticals, Inc., headquartered in Corona, CA, is engaged in the development, manufacture and sale of off-patent and proprietary pharmaceutical products.
SOURCE Watson Pharmaceuticals, Inc.
CO: Watson Pharmaceuticals, Inc.
ST: California
IN: MTC
SU:
01/26/98 06:31 EST prnewswire.com
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