Source: Knight Therapeutics Inc.
  • Knight Therapeutics (GUD) has closed a five-year, US$38.5 million secured loan denominated in select Latin American currencies
  • The company closed the loan with the International Finance Corporation, a member of the World Bank Group focused on the private sector in emerging markets
  • The IFC loan is denominated in Brazilian real, Colombian peso, Chilean peso and Mexican peso
  • The IFC loan maturity date is on October 15, 2027, with principal repayments starting on October 15, 2023
  • Knight Therapeutics Inc., headquartered in Montreal, is a specialty pharmaceutical company
  • Knight Therapeutics Inc. opened trading at C$5.26

Knight Therapeutics (GUD) has closed a five-year, US$38.5 million secured loan denominated in select Latin American currencies.

The company closed the loan with the International Finance Corporation, a member of the World Bank Group focused on the private sector in emerging markets.

The IFC loan is denominated in Brazilian real, Colombian pesos, Chilean pesos and Mexican pesos. The Brazilian real tranche represents approximately 50 per cent of the loan, and the balance is split among the rest of the currencies.

The IFC loan maturity date is October 15, 2027, with principal repayments starting on October 15, 2023. Furthermore, the loan has customary covenants and is secured by select assets of Knight, including a cash collateral of 35 per cent of the principal outstanding.

“We are pleased with the financial flexibility provided through this partnership with IFC,” stated Arvind Utchanah, Chief Financial Officer of Knight Therapeutics Inc.

“The loan, coupled with Knight’s existing cash position, further strengthens our balance sheet while providing a natural hedge against future currency depreciation in the key markets in which we operate,” he added.

Knight Therapeutics Inc., headquartered in Montreal, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing pharmaceutical products for Canada and Latin America

Knight Therapeutics Inc. opened trading at C$5.26.


More From The Market Online

Myriad Uranium secures mining lease at Copper Mountain

Myriad Uranium (CSE:M) has entered into a 20-year mining lease with Diamond X Ranch for the Copper Mountain Uranium Project.

@ the Bell: Global markets make a comeback, but gold sinks

Canada’s main stock index followed markets around the globe on Monday and marched higher, recouping some losses from the dud of a week prior.

Eric Sprott tops up investment in gold stock Rio2

Eric Sprott adds C$2,000,115 to his position in Rio2 (TSXV:RIO), a junior mining stock developing its Fenix gold project in Chile.