Credit fa­cil­ity is over­sub­scribed

The Star Late Edition - - COMPANIES -

ASPEN Phar­ma­care, Africa’s big­gest generic drug maker, said yes­ter­day that it had se­cured a € 3.4 bil­lion (R50.18bn) credit fa­cil­ity for re­fi­nanc­ing debt at three of its sub­sidiaries. Aspen op­er­ates in 50 coun­tries. It said the fa­cil­i­ties were 70 per­cent over­sub­scribed and would be used for Aspen Fi­nance, Aspen Phar­ma­care and Aspen Asia Pa­cific. It did not pro­vide fur­ther de­tails. The drug­maker has been ex­pand­ing rapidly out­side its home base of South Africa, where a heav­ily reg­u­lated phar­ma­ceu­ti­cals mar­ket has put a cap on growth. Aspen, which in March re­ported a 26 per­cent rise in first-half earn­ings helped by its ther­a­peu­tics-fo­cused brands, said it had se­cured the re­volv­ing credit fa­cil­ity from 28 banks in­ter­na­tion­ally.

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