1st Jul 2021 14:00
(Alliance News) - Indivior PLC on Thursday said it has agreed new loan facilities of USD250 million, due in five years.
The Berkshire, England-based drug manufacturer said the new loan replaces all previous term loans, due on December 18, 2022. The company's total borrowings and net leverage remain unchanged.
The new loan was issued at a 2% discount of face value and carries an interest coupon of the London inter-bank offer rate with a 0.75% minimum plus 5.25 percentage points.
The new loan ends the previous leverage covenant, whilst introducing a minimum liquidity covenant of over 50% of any outstanding balance or USD100 million, Indivior added.
Shares in Indivior were trading up 4.5% at 161.50 pence each in London on Thursday afternoon.
The drug company had raised its profit and revenue guidance for 2021 on Wednesday.
Indivior had said it expects higher annual net revenue in the range of USD705 million to USD740 million, up from the previously guided value of up to USD625 million, reflecting a stronger Sublocade performance. Sublocade is Indivior's lead treatment for opioid addiction.
Adjusted pre-tax income is expected to be "significantly above" original guidance, the company had said Wednesday.
By Scarlett Butler; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Indivior