- 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.