United Drug announces financing completion

United Drug announces financing completion

United Drug has today announced that it has completed a financing exercise in relation to its debt facilities.

This financing combines a €135m syndicated bank facility with a new $130m (€102.6m) private placement note issue.

The syndicated bank facility has a four year term and replaces existing bi-lateral arrangements.

The Group currently has $102m (€80.5m) of private placement notes in issue. The new $130m (€102.6m) issue which was significantly oversubscribed was issued in two tranches with $65m (€51.3m) maturing in seven years and $65m (€51.3m) maturing in 10 years.

"We are pleased to have completed this significant financing exercise," said group finance director Barry McGrane.

"The purpose of the exercise is to lengthen our debt maturities and provide additional facilities to the Group. The financing will increase our funding costs but provides substantial additional capacity to the Group to support its future development."

The group will issue results for the year to September 30, 2010 on November 17, 2010.

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