29th Apr 2013 07:00
Clinigen Group plc agrees a new £20 million banking facility
Burton-on-Trent, UK - 29 April 2013 Clinigen Group plc ("Clinigen" or the "Group") (AIM: CLIN) has agreed a new £20m banking facility which replaces its previous £10 million facility. This new banking facility is for a period of 2 years and 3 months, maturing on 31 August 2015.
The facility comprises a £20 million multi-currency Revolving Credit Facility (RCF) and has been provided by the Group's existing bankers, The Royal Bank of Scotland PLC. The Group now has total debt facilities of £20 million, providing, along with cash reserves, a cash base for the future trading requirements of the Group and for making future product acquisitions. The facility is secured on the intangible and the tangible assets of the Group and future revenue generation.
Interest is payable on the drawn down element of the RCF at 2.25% above LIBOR or EURIBOR, as determined by the currency drawn down.
Robin Sibson, Clinigen's Chief Financial Officer, said: "This increased facility gives us the flexibility to continue to develop through earnings enhancing acquisitions of high quality products, as well as supporting strong organic growth for the future."
About Clinigen Group Clinigen is a specialty global pharmaceutical products and services business headquartered in the UK, with offices in the US and Japan. The Group has three operating business; Specialty Pharmaceuticals (SP), Clinical Trials Supply (Clinigen CTS), and Global Access Programs (Clinigen GAP). The SP business focuses on acquiring and in licensing specialist, hospital only medicines worldwide and commercializing them within niche markets. For more information, please visit www.clinigengroup.com. |
Contact Details
Clinigen Group plc | Tel: +44 (0) 1283 495 010 |
Peter George, Group Chief Executive Officer | |
Robin Sibson, Chief Financial Officer | |
Numis Securities Limited | Tel: +44 (0) 20 7260 1000 |
Michael Meade/Freddie Barnfield (Nominated Adviser) | |
James Black/Tom Ballard (Corporate Broking) | |
College Hill (media relations) | Tel: +44 (0) 20 7457 2020 |
Melanie Toyne-Sewell/Stefanie Bacher/Jen Lewis | Email: [email protected] |
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