Recipharm Secures Additional Bank Financing for Continued Growth
News Jul 14, 2015
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.