United Drug adds $102m to war chest
The company, which is the biggest pharmaceutical wholesaler in the country, said yesterday it had successfully placed loan notes with a group of British and US insurance companies. The notes, which are unsecured, will be repayable between 2011 and 2016. Some of the new funding will be used to pay off existing loans taken out at higher rates.
Finance director Barry McGrane said the debt issue had introduced a new group of investors to United Drug and improved the company’s financial structure. The new package means United Drug’s debt will be spread out over a longer period and will make it easier for the company to service debt repayments.
