Mallinckrodt plc Announces $300 Million Debt Repayment

STAINES-UPON-THAMES, United Kingdom, April 16, 2018 /PRNewswire/ -- Mallinckrodt plc (NYSE: MNK), a leading global specialty pharmaceutical company, today announced the $300 million repayment of unsecured, fixed-rate notes maturing April 15, 2018 with cash on hand. The debt was issued by Mallinckrodt International Finance SA in 2013 in preparation for the company's spin-off from its former parent (CUSIP #561234AD7).

"One of our key strategic imperatives for 2018, as noted in our February earnings release, is ensuring execution on a highly disciplined capital allocation strategy. We have a particular focus on reducing debt and deleveraging the balance sheet throughout 2018. With this payment today, our total debt stands at less than $6.6 billion," said Matt Harbaugh, Executive Vice President and Chief Financial Officer of Mallinckrodt. "We will continue to look for opportunities to reduce debt further in 2018 and will allocate capital toward pursuing business development opportunities and share repurchases where they make strategic sense."

Mallinckrodt will report first quarter 2018 earnings results on May 8, 2018.

ABOUT MALLINCKRODT
Mallinckrodt is a global business that develops, manufactures, markets and distributes specialty pharmaceutical products and therapies. Areas of focus include autoimmune and rare diseases in specialty areas like neurology, rheumatology, nephrology, pulmonology and ophthalmology; immunotherapy and neonatal respiratory critical care therapies; analgesics and gastrointestinal products. The company's Specialty Brands segment includes branded medicines and its Specialty Generics segment includes specialty generic drugs, active pharmaceutical ingredients and external manufacturing. To learn more about Mallinckrodt, visit www.mallinckrodt.com.

Mallinckrodt uses its website as a channel of distribution of important company information, such as press releases, investor presentations and other financial information. It also uses its website to expedite public access to time-critical information regarding the company in advance of or in lieu of distributing a press release or a filing with the U.S. Securities and Exchange Commission (SEC) disclosing the same information. Therefore, investors should look to the Investor Relations page of the website for important and time-critical information. Visitors to the website can also register to receive automatic e-mail and other notifications alerting them when new information is made available on the Investor Relations page of the website.

CAUTIONARY STATEMENTS RELATED TO FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements concerning potential capital allocation activities, including but not limited to debt repayment, business development opportunities and share repurchases. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: continued strength in the company's financial position, including cash flows; alternative uses of funds and other risks identified and described in more detail in the "Risk Factors" section of Mallinckrodt's most recent Annual Report on Form 10-K and other filings with the SEC, all of which are available on its website. The forward-looking statements made herein speak only as of the date hereof and Mallinckrodt does not assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.

CONTACTS

Investor Relations      
Daniel J. Speciale, CPA
Investor Relations and Strategy Officer
314-654-3638
daniel.speciale@mnk.com

Media
Rhonda Sciarra
Senior Communications Manager
908-238-6765
rhonda.sciarra@mnk.com 

Meredith Fischer
Chief Public Affairs Officer
314-654-3318
meredith.fischer@mnk.com 

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SOURCE Mallinckrodt plc