Apotex Receives Investment Grade Rating, Amends Credit Agreement
Canadian pharmaceutical company Apotex Health Corp. has secured an investment grade issuer rating from Morningstar DBRS and amended its credit agreement to lower borrowing costs and enhance financial flexibility.
Toronto, Canada – Apotex Health Corp. announced the completion of an amended and restated credit agreement, aligning its financing framework with its evolution as a publicly traded, investment-grade-rated issuer.
The agreement follows the company's receipt of an inaugural BBB (low) investment-grade rating from Morningstar DBRS. The terms of the amended credit agreement provide Apotex with lower borrowing costs and covenants that allow for greater operational flexibility. The credit facility as amended provides term loan facilities and a revolving credit facility with a capacity of $1.2 billion, provided by a syndicate of lenders led by The Bank of Nova Scotia.
"This amendment to our credit facility represents an important milestone in our continued progression as a public company," said Brian McClelland, CFO, Apotex. "Achieving investment-grade financing terms reflects the strength of our business, balance sheet and cash flow profile. The amended credit agreement lowers our cost of capital, enhances financial flexibility and supports our long-term growth strategy."
Apotex expects the new financing framework to support ongoing investment, operational execution, and long-term shareholder value creation. The company is a Canadian-based global health company focused on improving access to affordable, innovative medicines and health products worldwide.