Mayne Pharma secures $US125m refinanc...
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Mayne Pharma secures $US125m refinancing
Pharma News

The maker of branded and generic drugs said it had refinanced its existing $US45 million of debt.

Pharmaceutical company Mayne Pharma has refinanced $US125 million ($162 million) of its debt, cutting funding costs and leaving more headroom to fund growth.

The maker of branded and generic drugs said on Thursday that it has refinanced its existing $US45 million of debt with Midcap Financial with two unsecured facilities from “leading lending institutions”.

The revolving facilities total $US125 million and mature in June 2020.

“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,” said Mayne Pharma chief executive Scott Richards.

“The business no has more financial flexibility to use alternate sources of capital to fund growth.”

Mayne Pharma has made a number of recent acquisitions. The company paid $US50 million for the US marketing rights to acne treatment Doryx and $US15.7 million for two other generic drugs it markets in the US.

The company’s shares have soared over the past year, although the stock has been sold off in recent weeks.

Mayne Pharma, which is chaired by Fairfax Media chairman Roger Corbett, has some high profile backers on its register, including poker machines billionaire Bruce Mathieson, investor Alex Waislitz, and PFD Foods owner Richard Smith.

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