UCB is pleased to announce the signing of its new €1.5 billion revolving credit facility.
The purpose of the facility is to refinance the Company’s EUR 4 billion banking facility arranged in connection with the 2006 acquisition of Schwarz Pharma, which has since amortised to EUR 3.3 billion and is due to mature in October 2011.
The new facility has a three year maturity and a one year extension option.
The margin and other terms and conditions are customary for similar investment grade loan facilities.
Prior to arranging this new facility, UCB has successfully issued three bonds with different maturities raising EUR 1.75 billion in total from debt capital markets. The proceeds from these bonds will also be used to refinance the existing credit facility.
Detlef Thielgen, Chief Financial Officer of UCB, commented, “We are very pleased to have successfully completed this new facility. It is the next step in our strategy to firmly establish UCB as a global biopharma industry leader. The fact that all banks originally invited into this transaction have signed up to the agreement, underscores the confidence which the loan and debt capital markets have shown in UCB throughout this refinancing process.”