APN - Aspen - Finalisation Of Term Loan Funding Facility
APN
APN
APN - Aspen - Finalisation Of Term Loan Funding Facility
ASPEN PHARMACARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1985/0002935/06
Share code: APN
ISIN: ZAE000066692
("Aspen" or "the Company")
Finalisation of term loan funding facility
Shareholders are advised that Aspen Global Incorporated ("Aspen Global"), a
wholly owned subsidiary of Aspen Pharmacare Holdings Ltd, has concluded a five-
year US Dollar denominated funding arrangement for an amount of USD 385 million
with a consortium of banks. This funding has replaced a bridging loan from the
Standard Group which was raised primarily to settle Aspen Global`s liability of
GBP 170 million to GlaxoSmithKline ("GSK") arising from the acquisition of four
branded products from GSK.
The funding arrangement which was executed on 10 October 2008, comprises of:
- A 5-year amortising loan of USD 255 million, with a 1-year capital
repayment holiday
- A 5-year non-amortising loan of USD 130 million. Repayments may be made on
this loan out of free cash flow.
The cost of this debt has been fixed at an all in rate of 6,11% per annum over
90%of its term (which takes account of prepayments) by Aspen Global entering
into an interest rate swap transaction as follows:
- 100% cover of interest payments over the first 3 years of the loans
- 83% cover of interest payments over the 4th year of the loans
- 66% cover of interest payments over the 5th year of the loans.
The interest payments remaining unhedged, bear interest at a rate of 3-month USD
LIBOR plus a margin of 2,8%.
The above arrangements are considered to be favourable, given current global
financial markets.
Sponsor:
Investec Bank Limited
15 October 2008
Date: 16/10/2008 07:05:03 Produced by the JSE SENS Department.
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