CXRCN 9 04/01/22

Concordia International Corp

Credit, Healthcare, Event Driven/Special Sit


Publicly traded companies mentioned herein: Concordia International Corp (CXR CN), Valeant Pharmaceuticals International Inc (VRX)

Highlights

The presenter is long Concordia’s 9% senior secured bonds in the high 80s. He likes the secured portion of the distressed Canadian pharmaceutical company’s capital structure because there is a high probability of a restructuring. And, in his opinion the senior secured debt is covered by a combination of cash and the value of the US and UK/ European businesses, and in most scenarios bondholders would see a recovery close to par. The fate of the company hinges on what the new legislation - the Health Service Medical Supplies Bill - in the UK will look like. This legislation will dictate whether Concordia must roll-back the substantial price hikes its subsidiary Amdipharm Mercury (AmCo) took on its generic drugs over the years.

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Idea Discussion

Commentor 1 - 2 weeks ago

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