SAN DIEGO and GAINESVILLE, Ga., Dec. 16, 2022 (GLOBE NEWSWIRE) -- Societal CDMO, Inc. (“Societal CDMO”; NASD: SCTL), a contract development and manufacturing organization (CDMO) dedicated to solving complex formulation and manufacturing challenges primarily in small molecule therapeutic development, today announced the successful completion of its multi-step strategy designed to recast the company’s capital structure and strengthen its balance sheet. The company has closed three separate transactions, two of which were non-dilutive in nature, generating combined gross proceeds to Societal CDMO in excess of $100 million. The proceeds were immediately used to repay in full and retire the outstanding debt facility with Athyrium Capital Management, LP (Athyrium), removing Athyrium from its capital structure. In the process, the company also secured a new $36.9 million debt facility from Royal Bank of Canada with more favorable terms than those of its previous debt facility with Athyrium. In addition to significantly reducing the company’s total debt, the transactions helped improve the company’s net debt leverage ratio from greater than six times EBITDA to just over two times EBITDA, immediately reducing Societal CDMO’s annual interest burden by an estimated $6 million with the potential to increase that number to approximately $7 million annually.