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The Secured Lender
SFNet's The 81st Annual Convention Issue
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January 3, 2023
Source: Bloomberg
MONTREAL, Dec. 23, 2022 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc., (TSX:
GUD) (“Knight”) a pan-American (ex-USA) specialty pharmaceutical
company, today announced that it has closed a five-year, US$38.5 million
secured loan denominated in select Latin American currencies with the
International Finance Corporation (“IFC”), 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, with the Brazilian Real tranche representing approximately
50% of the loan and the balance split among the rest of the currencies. The
IFC loan maturity date is on 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%
of the principal outstanding.
“We are pleased with the financial flexibility provided through this
partnership with IFC,” said 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.”
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty
pharmaceutical company focused on acquiring or in-licensing and
commercializing pharmaceutical products for Canada and Latin America. Knight's
Latin American subsidiaries operate under United Medical, Biotoscana Farma and
Laboratorio LKM. Knight Therapeutics Inc.'s shares trade on TSX under the
symbol GUD. For more information about Knight Therapeutics Inc., please visit
the company's web site at www.gud-knight.com or www.sedar.com.
Forward-Looking Statement
This document contains forward-looking statements for Knight Therapeutics Inc.
and its subsidiaries. These forward-looking statements, by their nature,
necessarily involve risks and uncertainties that could cause actual results to
differ materially from those contemplated by the forward-looking statements.
Knight Therapeutics Inc. considers the assumptions on which these
forward-looking statements are based to be reasonable at the time they were
prepared but cautions the reader that these assumptions regarding future
events, many of which are beyond the control of Knight Therapeutics Inc. and
its subsidiaries, may ultimately prove to be incorrect. Factors and risks,
which could cause actual results to differ materially from current
expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in
Knight Therapeutics Inc.'s Annual Information Form for the year ended December
31, 2021 as filed on www.sedar.com. Knight Therapeutics Inc. disclaims any
intention or obligation to update or revise any forward-looking statements
whether because of new information or future events, except as required by
law.
Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia Arvind Utchanah
President & Chief Executive Officer Chief Financial Officer
T: 514.484.4483 T. +598.2626.2344
F: 514.481.4116
Email: info@knighttx.com Email: info@knighttx.com
Website: www.gud-knight.com Website: www.gud-knight.com
GUD) (“Knight”) a pan-American (ex-USA) specialty pharmaceutical
company, today announced that it has closed a five-year, US$38.5 million
secured loan denominated in select Latin American currencies with the
International Finance Corporation (“IFC”), 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, with the Brazilian Real tranche representing approximately
50% of the loan and the balance split among the rest of the currencies. The
IFC loan maturity date is on 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%
of the principal outstanding.
“We are pleased with the financial flexibility provided through this
partnership with IFC,” said 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.”
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty
pharmaceutical company focused on acquiring or in-licensing and
commercializing pharmaceutical products for Canada and Latin America. Knight's
Latin American subsidiaries operate under United Medical, Biotoscana Farma and
Laboratorio LKM. Knight Therapeutics Inc.'s shares trade on TSX under the
symbol GUD. For more information about Knight Therapeutics Inc., please visit
the company's web site at www.gud-knight.com or www.sedar.com.
Forward-Looking Statement
This document contains forward-looking statements for Knight Therapeutics Inc.
and its subsidiaries. These forward-looking statements, by their nature,
necessarily involve risks and uncertainties that could cause actual results to
differ materially from those contemplated by the forward-looking statements.
Knight Therapeutics Inc. considers the assumptions on which these
forward-looking statements are based to be reasonable at the time they were
prepared but cautions the reader that these assumptions regarding future
events, many of which are beyond the control of Knight Therapeutics Inc. and
its subsidiaries, may ultimately prove to be incorrect. Factors and risks,
which could cause actual results to differ materially from current
expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in
Knight Therapeutics Inc.'s Annual Information Form for the year ended December
31, 2021 as filed on www.sedar.com. Knight Therapeutics Inc. disclaims any
intention or obligation to update or revise any forward-looking statements
whether because of new information or future events, except as required by
law.
Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia Arvind Utchanah
President & Chief Executive Officer Chief Financial Officer
T: 514.484.4483 T. +598.2626.2344
F: 514.481.4116
Email: info@knighttx.com Email: info@knighttx.com
Website: www.gud-knight.com Website: www.gud-knight.com
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