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Schwarz Pharma 275m credit facility

Date published: 12/12/2005

Schwarz Pharma has established a 275 million revolving credit facility. The five-year facility is the company's first and is intended for general corporate purposes. Schwarz has appointed Barclays Capital, Dresdner Kleinwort Wasserstein and WestLB as joint book runners and joint mandated lead arrangers.

Detlef Thielgen, Schwarz Pharma chief financial officer, said: "We are very satisfied with our debut in the syndicated loan market. "This gives us a medium term basis financing, allows us to optimise or financing structure at attractive terms and to keep financial flexibility for the future."

The company is to invest in development projects targeting diseases such as Parkinson's disease, Restless Legs Syndrome, epilepsy, neuropathic pain and overactive bladder syndrome. The credit facility was marketed to selected banks and was substantially over subscribed. It benefits from two one-year extension options after years one and two.

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