Indian pharmacist Glenmark Pharmaceuticals Ltd. said on Tuesday they are targeting a US$ 200 million debt refinancing raise by US$ -denominated bonds. The pharmaceutical company will conduct path shows on Asia, Europe, and the Middle East, from 14-19 January, the markets have been told of the bond issuance.
The bond proceeds will be used to refinance current debt collected through dollar bonds in 2016. The existing US dollar bills have a two-year payment schedule at a cost of 4.5% and expire in 2021.
As the Joint Global Coordinators for the problem, the Group has named Barclays, Emirates NBD Capital, ING, and Mitsubishi UFJ Financial Group.
Glenmark renegotiated half of its loans, which expired in 2022, through a $90.8 million us-dollar denominated bank lending in September 2018 via a foreign-currency toggle bond.
Glenmark’s chief executive and chief executive officer, Glenn Saldanha, controls 46.6% of the firm, while Singapore’s state investment agency Temasek Holdings (Pvt) Ltd retains 1.3% of the company’s stake through its wholly-owned indirect affiliate Aranda Investments Pte Ltd, Mauritius.
The firm ‘ s operations are located in more than 50 nations and have a global reach in more than 80 countries worldwide. Glenmark has a network of 17 centers in the USA, Pakistan, Italy, Argentina, and the Czech Republic.
The company’s sales for the last twelve months ending 30 September 2019 contributed, according to its analysts ‘ analysis, to € 1,603.7 for the last 12 months. According to its operating profits before interest, tax, depletion, and impairment (EBITDA).
As of 30 September 2019, the company had almost 925,6 pounds during the cash and bank balances in its accounts. In the first half of fiscal 2020, the net debt was 3.655.9 crore, while at the same time the net debt / EBITDA ratio was 2.28x.