On March 27, 2017, Impax Laboratories, Inc. (the “Company”) entered into Amendment No. 1 by and among the Company, Royal Bank of Canada, as administrative agent for the lender parties and the lenders party thereto (the “Amendment”) to that certain Credit Agreement, dated as of August 4, 2015 and as amended and restated as of August 3, 2016 among the Company, as borrower, Royal Bank of Canada, as administrative agent and collateral agent, the lenders party thereto, and the other agents and parties party thereto (the “Credit Agreement”).

The Amendment amends the Credit Agreement to, among other items, replace the total net leverage ratio financial covenant with a new senior secured net leverage ratio financial covenant and interest coverage ratio covenant. to the Amendment, the Company must not permit its senior secured net leverage ratio to exceed 2.50:1.00 and the interest coverage ratio to be less than 3.00:1.00, in each case in any 12-month period, as tested at the end of each fiscal quarter.

The foregoing is a brief description of the terms and conditions of the Amendment that are material to the Company. This description is not intended to be complete and is qualified in its entirety by reference to the Amendment, which the Company will file with the Securities and Exchange Commission in its quarterly report on Form 10-Q for the first quarter ended March 31, 2017.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 above is incorporated herein by reference.

About Impax Laboratories, Inc. (NASDAQ:IPXL)

Impax Laboratories, Inc. is a specialty pharmaceutical company. The Company is engaged in the development, manufacture and marketing of bioequivalent pharmaceutical products (generics), as well as the development and marketing of branded products. Its segments include Impax Generics and Impax Specialty Pharma. The Impax Generics segment is focused on the development, manufacture, sale and distribution of its generic products, which are the pharmaceutical and therapeutic equivalents of brand-name drug products and are marketed under their established drug names. The Impax Specialty Pharma segment is engaged in the promotion, sale and distribution of various branded products, including its branded pharmaceutical product, Rytary, an extended release oral capsule formulation of carbidopa-levodopa for the treatment of Parkinson’s disease, post-encephalitic Parkinsonism and Parkinsonism, and Zomig (zolmitriptan) products, indicated for the treatment of migraine headaches.

Impax Laboratories, Inc. (NASDAQ:IPXL) Recent Trading Information

Impax Laboratories, Inc. (NASDAQ:IPXL) closed its last trading session down -0.52 at 12.18 with 12,382,067 shares trading hands.