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Cipher Pharmaceuticals Announces Closing of New US$35 Million Credit Facility
Cipher Pharmaceuticals Announces Closing of New US$35 Million Credit Facility Canada Ne...
About this update from Cipher Pharmaceuticals Inc.
[{"type":"text","content":"\n\n \n \n \n Cipher Pharmaceuticals Announces Closing of New US$35 Million Credit Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n March 1, 2023\n \n \n /CNW/ -\n \n Cipher Pharmaceuticals Inc\n \n . (TSX: CPH) (\"\n \n Cipher\n \n \" or \"\n \n the Company\n \n \") today announced completion and closing of a new credit facility (the \"Credit Facility\") with Royal Bank of\n \n Canada\n \n (RBC).\n \n \n The Credit Facility provides Cipher with up to\n \n US$35 million\n \n , which is primarily intended to support the Company's future M&A growth strategy and may also be drawn upon for general corporate purposes and working capital requirements.\n \n \n The Credit Facility is structured as a\n \n US$15 million\n \n Senior Secured Revolving Term Loan (the \"\n \n Term Loan\n \n \") with an additional accordion option to be increased by\n \n US$10 million\n \n . Additionally, the Credit Facility has a\n \n US$10 million\n \n Senior Secured Revolving Credit Facility (the \"\n \n Revolving Loan\n \n \") for general corporate purposes and working capital requirements. The initial term of the Term Loan is 3 years and the Revolving Loan is payable on demand. The Credit Facility bears interest at market prevailing rates once drawn upon.\n \n \n \n \n Craig Mull\n \n , Interim CEO\n \n commented, \"Over the past few years, Cipher has made substantial progress to optimize its cost structure, generate solid earnings, drive cash flow and strengthen the balance sheet. With a solid foundation now in place, we are pleased to improve our access to capital through this favourable, non-dilutive Credit Facility. This Credit Facility will provide Cipher with additional operational and financial flexibility and enable us to act quickly to take advantage of current market conditions to drive our next phase of growth.\"\n \n \n \n \n Bryan Jacobs\n \n , CFO\n \n commented, \"I am pleased to announce our access to capital through this relationship with RBC. The Credit Facility, in addition to cash...