Apotex Receives Investment Grade Issuer Rating from Morningstar DBRS and Announces Amended & Restated Credit Agreement
Sentiment Analysis
Apotex Health Corp ("Apotex" or the "Company") (TSX: APTX) today announced the successful completion of an amended and restated credit agreement ("Amended Credit Agreement"), establishing a financing framework aligned with the Company's evolution as a publicly traded, investment-grade-rated issuer.
The Amended Credit Agreement reflects Apotex's receipt of an inaugural BBB (low) investment-grade rating from Morningstar DBRS and includes updated pricing and fees.
The Amended Credit Agreement terms provide Apotex with lower borrowing costs, reflecting its investment grade credit rating, as well as covenants that allow for greater operational flexibility.
The Amended Credit Agreement provides term loan facilities as well as a revolving credit facility with capacity of $1.2 billion. The credit facility is provided by a syndicate of lenders, led by The Bank of Nova Scotia as the Administrative Agent, and The Bank of Nova Scotia, RBC Capital Markets and TD Securities, as Joint Lead Arrangers and Joint Bookrunners.
"This amendment to our credit facility represents an important milestone in our continued progression as a public company," said Brian McClelland, CFO, Apotex. "Achieving investment-grade financing terms reflects the strength of our business, balance sheet and cash flow profile. The amended credit agreement lowers our cost of capital, enhances financial flexibility and supports our long-term growth strategy."
Apotex expects the new financing framework to support ongoing investment, operational execution and long-term shareholder value creation.
Source: PRNewsWire
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