Recipharm Secures Financing for Continued Growth
News Sep 20, 2014
Recipharm has entered a new five-year SEK 1 500 million loan facility with three of the largest banks in Scandinavia; DNB, Handelsbanken and Swedbank.
The revolving credit 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 second quarter 2014 Recipharm had cash of SEK 838 million.
The new SEK 1 500 million facility will replace current available loan and credit facilities of SEK 604 million, which was at the end of the second quarter utilized with SEK 433 million. The new credit facility will be used as the need arises.
Thomas Eldered, CEO of Recipharm AB (publ), commented: “The new financing is an important part of achieving our objective of double sales within 5 years. This will further enhance our opportunities to grow and we are continuously looking for new opportunities that can give us access to new markets, new interesting technologies and relationships. It also enables us to keep building strong relationships with our customers through the pharmaceutical sector through providing them with solutions that add value.
Setterwalls acted as legal advisor and AGL as financial advisor to Recipharm in this transaction.