Looking to refinance debt at three of its subsidiaries, Aspen Pharmacare Holdings Ltd. on Thursday said it had obtained a 3.4 billion euro credit facility.
Aspen secured the credit facility from 28 banks internationally. The credit facility is structured across the euro, the South African rand and the Australian dollar with tenors of two to four years and a one-year extension option, Reuters reported.
Though further details were not provided, the South African drugmaker said the facilities were 70 percent oversubscribed and would be used for Aspen Finance, Pharmacare Limited t/a Aspen Pharmacare and Aspen Asia Pacific.
Operating in 50 countries, Aspen has been working actively on expansion plans beyond its home country South Africa. Business growth in the Southern African country has been restricted by heavy regulation in the pharmaceutical industry.
In March, the company reported 26 percent increase in its first-half earnings, attributed to its therapeutic-focused brands.
What you need to know about Aspen
Aspen Pharmacare Holdings Limited is a multinational South African holding company for pharmaceutical concerns, and the largest drug company in Africa. The firm makes branded and generic pharmaceutical products, as well as infant nutritional and consumer healthcare products. They are the leading global pharmaceutical company with an extensive basket of products, provide treatment for a broad spectrum of acute and chronic conditions experienced through all stages of life.
Aspen operates 25 manufacturing facilities across 17 sites and hold international manufacturing approvals from some of the most stringent global regulatory agencies including the United States Food and Drug Administration, the Australian Therapeutic Goods Administration and the European Directorate for the Quality of Medicines, among others.
With an established business presence in approximately 50 countries and supply products in more than 150 countries, Aspen is committed to sustaining life and promoting healthcare through increasing access to our high quality, affordable medicines and products.