MONTREAL, Dec. 23, 2022 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc., (TSX: GUD) (“Knight”) a pan-American (ex-USA) specialty pharmaceutical company, today announced that it has closed a five-year, US$38.5 million secured loan denominated in select Latin American currencies with the International Finance Corporation (“IFC”), a member of the World Bank Group focused on the private sector in emerging markets.
The IFC loan is denominated in Brazilian Real, Colombian Peso, Chilean Peso and Mexican Peso, with the Brazilian Real tranche representing approximately 50% of the loan and the balance split among the rest of the currencies. The IFC loan maturity date is on October 15, 2027, with principal repayments starting on October 15, 2023. Furthermore, the loan has customary covenants and is secured by select assets of Knight including a cash collateral of 35% of the principal outstanding.
“We are pleased with the financial flexibility provided through this partnership with IFC,” said Arvind Utchanah, Chief Financial Officer of Knight Therapeutics Inc. “The loan, coupled with Knight’s existing cash position, further strengthens our balance sheet while providing a natural hedge against future currency depreciation in the key markets in which we operate.”
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing and commercializing pharmaceutical products for Canada and Latin America. Knight's Latin American subsidiaries operate under United Medical, Biotoscana Farma and Laboratorio LKM. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gud-knight.com or www.sedar.com.
Forward-Looking Statement
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2021 as filed on www.sedar.com. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information or future events, except as required by law.
