4th Apr 2014 08:48
LONDON (Alliance News) - Clinigen Group PLC Friday said it has secured a new four year GBP35 million multi-currency revolving credit facility, with the option for a GBP15 million top-up.
The specialty pharmaceuticals company said the new facility is secured on its tangible and intangible assets, and is being provided by its existing bankers, The Royal Bank of Scotland Group PLC, replacing its existing facility with RBS of GBP20 million.
Clinigen said that as well as the GBP35 million facility, it also has agreed with RBS an accordion option to request an additional GBP15 million, on the same terms.
"This significantly increased facility will provide us with the flexibility to continue to deliver our strategy of adding to our SP product portfolio whilst we continue to drive the business forward through organic growth," said Chief Executive Officer Robin Sibson in a statement, referring to Clinigen's specialty pharmaceuticals products.
Clinigen shares were trading 2.7% lower Friday morning, at 549.62 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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