Sigma $500m fi­nance

Pharmacy Daily - - Front Page -

SIGMA Health­care Lim­ited yes­ter­day an­nounced a new $500m “Re­ceiv­ables Pur­chase Agree­ment” with West­pac, say­ing the fa­cil­ity would pro­vide the com­pany with sig­nif­i­cant ad­di­tional fund­ing op­tions to con­tinue its in­vest­ment pro­gram and pur­sue fu­ture growth op­por­tu­ni­ties.

The new three-year fi­nanc­ing deal is split into three tranches - a cash ad­vance of $115m which ex­pires 30 Nov 2019; an over­draft fa­cil­ity of $135m which ex­pires 30 May 2020; and a cash ad­vance tranche of $250m which ex­pires 30 Nov 2021.

The fa­cil­ity will amor­tise in line with Sigma’s ex­pected re­turn of work­ing cap­i­tal from the exit of its Chemist Ware­house con­tract.

Sigma CFO Iona MacPher­son said the line of credit pro­vided Sigma with a strong fund­ing plat­form for the next stage of its cor­po­rate trans­for­ma­tion, giv­ing it flex­i­bil­ity to meet ma­jor in­vest­ments in dis­tri­bu­tion cen­tres and IT.

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