Pharming Group Announces Refinancing Of Its Existing Debt By A Single US$100 Million Debt Facility On Improved Commercial Terms
Leiden, The Netherlands, 16 May 2017: Pharming Group N.V. (“Pharming” or “the Company”) (Euronext Amsterdam: PHARM) announces that it has completed a new US$100 million finance agreement with Orbimed Advisors. This has been used to redeem the Amortizing Convertible Bonds due 2017/2018, and to refinance the Company’s senior debt facility with Silicon Valley Bank and Kreos Capital, together with the associated prepayment fees and the legal and other costs of the transaction. The loan, initially structured as a bridge facility will be replaced within 60 days by a full loan agreement with a maturity date of June 2021 under similar terms and conditions as described below.
Highlights
New four year $100m (€91.7 million) Senior Secured Debt facility to refinance debt on more favourable terms to redeem a total of €35.9 million (US$39.1 million) of Amortising Convertible Bonds and refinance US$40 million of Senior Debt. The other terms of the new facility are not being disclosed
Highlights
New four year $100m (€91.7 million) Senior Secured Debt facility to refinance debt on more favourable terms to redeem a total of €35.9 million (US$39.1 million) of Amortising Convertible Bonds and refinance US$40 million of Senior Debt. The other terms of the new facility are not being disclosed