Business
VALEO PHARMA AMENDS CREDIT FACILITY WITH SAGARD HEALTHCARE ROYALTY PARTNERS, LP
VALEO PHARMA AMENDS CREDIT FACILITY WITH SAGARD HEALTHCARE ROYALTY PARTNERS, LP.
About this update from Valeo Pharma Inc.
[{"type":"text","content":"\n\n\n\nVALEO PHARMA AMENDS CREDIT FACILITY WITH SAGARD HEALTHCARE ROYALTY PARTNERS, LP\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\nVALEO PHARMA AMENDS CREDIT FACILITY WITH SAGARD HEALTHCARE ROYALTY PARTNERS, LP\nCanada NewsWire\nMONTREAL, Sept. 3, 2024\n\n\n\nMONTREAL, Sept. 3, 2024 /CNW/ - Valeo Pharma Inc. (TSX: VPH) (FSE: VP2) (\"Valeo\" or the \"Company\"), a Canadian pharmaceutical company, today announced that it has entered into an agreement (the \"Amendment\") with Sagard Healthcare Royalty Partners, LP (\"Sagard\"), which amends the Secured Term Loan (the \"Facility'') entered into between Valeo and Sagard in July 2022. \n\n \n \n \n \n \n \n\n \nThe Facility is amended to provide, among other things, an extension until September 6, 2024, which date can be extended thereafter for successive one-week periods, at Sagard's sole discretion, for the first $10 million repayment (\"First Repayment\") by Valeo, originally scheduled for August 31, 2024. Pursuant to the Amendment, and regardless of the extension of the First Repayment, Valeo will make an immediate repayment in an amount equal to US$4,800,000 (approx. C$6,500,000) which will reduce the principal amount owed by Valeo on the Facility. Other obligations to meet certain minimum liquidity requirements have also been extended to September 30, 2024.\n\"We are grateful to our lenders for their continued support and the provided extension for the first $10 million repayment originally due at the end of August 2024\", said Al Moghaddam, CEO. \"The additional financial flexibility provided should enable us to execute on our plan and advanced ongoing initiatives we are currently working on to optimize our financial situation\".\nAbout Valeo Pharma Inc.\nValeo Pharma is a Canadian pharmaceutical company dedicated to the commercialization of innovative prescription products in Canada with a focus on Respiratory, Ophthalmology and Hospital Specialty Products. Headquartered in Kirkland, Quebec Valeo Pharma has all the required capabilities and the full infrastructure to register and properly manage its...