Pharmaco - EUR 185 Million Multi Tranche Loan Signed
Islandsbanki, Landsbanki Islands and WestLB are pleased to announce that they have successfully syndicated and signed a 5-year EUR 185 million Multi-Currency Loan for Pharmaco, a generic pharmaceuticals manufacturer. The transaction was very well received in the market and following oversubscription by investors, the borrower decided to increase the facility to EUR 185 million.
Pharmaco will use the proceeds of the loan for refinancing of existing debt, financing ongoing working capital requirements and for general corporate purposes.
The facility is split into a 5-year EUR 60 million Term Loan (Tranche A), a 5-year EUR 85 million Amortising Term Loan (Tranche B) and a 364-day EUR 40 million Revolving Credit (Tranche C). Tranches A and C have an extension option. Tranches A and C have been fully subscribed for by the above named banks who also act as Mandated Lead Arrangers. Co-Arrangers are Kaupthing Bunadarbanki hf. and Raiffeisen Zentralbank Österreich Aktiengesellschaft. Joining the transaction as Senior Lead Managers are Bank Austria Creditanstalt AG, Commercial Bank of Greece (Germany) GmbH, Landesbank Saar, Raiffeisenlandesbank Niederösterreich – Wien AG and Vereins- und Westbank AG.
Pharmaco is a leading European provider of generic pharmaceuticals. Established in 1956 in Iceland as a pharmaceutical wholesaler, the company develops, manufactures and distributes generics under its own brand name as well as being a development and production partner to many of the world´s best know generic pharmaceutical companies. Having merged with the Bulgarian pharmaceutical manufacturer Balkanpharma in 2000, Pharmaco has established a strong position in Eastern Europe. Furthermore, with the acquisition of a majority stake in Delta hf. in 2002, Pharmaco has become one of the leading generic pharmaceutical companies in Western Europe.
Pharmaco has operations in 14 countries, employs approximately 7,000 people, and reported consolidated sales of EUR 279 million for the year 2002.
For further information, please contact any of the following persons.
| Íslandsbanki | Landsbanki | WestLB |
| Steinunn K. Thordardottir | Birgir Gudmundsson | Liza Kerschbaumer |
| Phone: +354 440 4564 | Phone: +354 560 3112 | Phone: +49 211 826 2477 |
| Fax: +354 440 4520 | Fax: +354 560 3209 | Fax: +49 211 826 3490 |
| Email: steinunn.thordardottir@isb.is | Email: birgir.gudmundsson@landsbanki.is | Email: liza_kerschbaumer@westlb.de |