Recipharm secures additional bank financing for continued growth
Recipharm has entered a new five-year SEK 1 500 million term loan facility with three of the largest banks in Scandinavia, DNB, Handelsbanken and Swedbank in addition to the revolving credit facility of SEK 1 500 million arranged in September 2014. The total bank loan facilities from this group of banks then amounts to SEK 3 000 million.
The term loan facility of SEK 1 500 million will serve as an additional resource to facilitate future expansion plans set in place for the business. At the end of the first quarter 2015 Recipharm Group had cash of SEK 607 million and interest bearing debts of SEK 1 525 million.
Thomas Eldered, CEO of Recipharm AB (publ), commented: “The new financing is an important part of executing our growth strategy. This will further enhance our opportunities to continue to grow and we are continuously looking for new opportunities that can give us access to new markets, new interesting technologies and important relationships. It also enables us to keep building strong relationships with our customers throughout the pharmaceutical sector through providing them with competitive and attractive solutions.”
Setterwalls acted as legal advisor and AGL as financial advisor to Recipharm in this transaction.
For further information please visit www.recipharm.com or contact:
Björn Westberg, CFO, bjorn.westberg@recipharm.com, telephone: +46 8 602 46 20
This information is published in accordance with the Swedish Securities Market Act, the Swedish Financial Instruments Trading Act and/or the regulations of NASDAQ OMX Stockholm. This information was submitted for publication on 13th July, 2015, at 08.30 CET.
About Recipharm
Recipharm is a leading CDMO (Contract Development and Manufacturing Organisation) in the pharmaceutical industry employing some 2,200 employees. Recipharm offers manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material including API and pharmaceutical product development. Recipharm manufactures more than 400 different products to customers ranging from Big Pharma to smaller research- and development companies. Recipharm’s turnover is approximately SEK 3.3 billion and the Company operates development and manufacturing facilities in Sweden, France, the UK, Germany, Spain, Italy and Portugal and is headquartered in Jordbro, Sweden. The Recipharm B-share (RECI B) is listed on NASDAQ Stockholm.
For more information on Recipharm and our services, please visit www.recipharm.com
Recipharm AB (publ)
Corporate identity number 556498-8425
Address Lagervägen 7, SE-136 50 Jordbro, Sweden, Telephone 46 8 602 52 00, Fax 46 8 81 87 03
www.recipharm.com
Tags: