Aspen secures euro credit line of R50 billion

The money will be used to refinance debt at three of the pharma giant's subsidiaries.

Africa‘s largest generic drugmaker Aspen Pharmacare has secured a R50 billion (€3.4 billion) credit facility from 28 banks internationally. Aspen says the credit facility is structured across the euro, South African rand and Australian dollar, with tenors of two to four years, as well as a one-year extension option.

The company, which has operations in 50 countries and a home base in South Africa, will use the money to refinance debt at three of its subsidiaries: Aspen Finance, Pharmacare Limited t/a Aspen Pharmacare, and Aspen Asia Pacific.

Pictured: Sean Capazorio, Aspen Pharmacare CFO