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MAYNE PHARMA GROUP LIMITED — Capital/Financing Update 2015
Jun 24, 2015
65396_rns_2015-06-24_dcc81449-9263-47b5-805f-8012ef28f4d0.pdf
Capital/Financing Update
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ASX Announcement
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MAYNE PHARMA SUCCESSFULLY COMPLETES US$125M DEBT FINANCING
25 June 2015, Melbourne Australia: Mayne Pharma Group Limited (ASX: MYX) today announced that it has successfully refinanced its senior debt facilities and secured a new dual currency syndicated debt facility.
The unsecured facilities provided by two leading lending institutions in the Australian banking market comprise a fully revolving US$125m debt facility which matures in June 2020 and a A$10m working capital facility.
The facility will be utilised to refinance the existing US$45m of outstanding debt with Midcap Financial LLC and provides significantly greater capacity to fund further expansion of the business.
Mayne Pharma’s CEO, Mr Scott Richards said “Mayne Pharma’s refinancing has been successfully completed and will result in a material reduction in cost of funds, considerably more flexible terms and conditions, and increased headroom. With a consolidated cash balance of approximately A$50 million at the end of May 2015, in addition to the undrawn balance of this US$125m debt facility, the business now has more financial flexibility to use alternate sources of capital to fund its growth.”
For further information contact:
Scott Richards +61 8 8209 2410 Lisa Pendlebury +61 419 548 434, [email protected]
About Mayne Pharma
Mayne Pharma is an ASX-listed specialty pharmaceutical company that develops and manufactures branded and generic products, which it distributes globally; either directly or through distribution partners and also provides contract development and manufacturing services.
Mayne Pharma has a 30-year track record of innovation and success in developing new oral drug delivery systems and these technologies have been successfully commercialised in numerous products that have been marketed around the world.
Mayne Pharma has two drug development and manufacturing facilities based in Salisbury, Australia and Greenville, USA with expertise in formulation complex oral dose forms including highly potent compounds, controlled substances, modified release products and inherently unstable compounds.
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