audius29 wrote: Concordia International Corp. Announces Cross Currency Swap Agreement
OAKVILLE, ON, Aug. 15, 2016 /CNW/ - Concordia International Corp. (the "Company") (NASDAQ: CXRX) (TSX: CXR) - together with its subsidiaries ("Concordia") - an international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs, today announced that it has entered into a cross currency swap agreement (the "Swap Agreement").
As previously disclosed, Concordia was actively evaluating currency hedging alternatives. Concordia believes that the Swap Agreement will further align its British pound-sterling ("GBP") earnings and strong free cash flow with its debt obligations and will moderate the impact of fluctuations in the GBP to U.S. Dollar ("USD") exchange rate.|
The pay fixed GBP / receive fixed USD cross currency swap has a 1notional amount of USD$382 million and effectively converts this amount of Concordia's USD debt obligations into a GBP obligation in the amount of approximately GBP 297 million. The maturity date of the Swap Agreement is April 15, 2023.
Concordia will continue to monitor its currency risks and hedging strategies.
About Concordia
Concordia is a diverse, international pharmaceutical company focused on legacy pharmaceutical products and orphan drugs. Concordia has an international footprint with sales in more than 100 countries, and has a diversified portfolio of more than 200 established, off-patent molecules that make up more than 1,300 SKUs. Concordia also markets orphan drugs through its Orphan Drugs segment, consisting of Photofrin® for the treatment of certain rare forms of cancer, which is undergoing testing for potential new indications.
Concordia operates out of facilities in Oakville, Ontario, Bridgetown, Barbados; London, England and Mumbai, India