Original disclosure @ IFC website
Updated in EWS May 11, 2022
Disclosed by Bank Jun 30, 2021
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According to bank provided information, the proposed investment is an up to EUR600 million (approximately US$723 million) financing package comprising (i) an unsecured, straight senior loan (“A” loan) of up to EUR200 million (approximately US$241 million) from IFC and; (ii) mobilization of “B” and/or parallel loans of up to EUR400 million (approximately US$482 million) to Aspen Finance Proprietary Limited (AFPL), a wholly owned subsidiary of Aspen Pharmacare Holdings Limited (Aspen or the Company). The financing will help Aspen, South Africa’s largest pharmaceutical company, to refinance existing debt and strengthen the Company’s balance sheet, supporting Aspen’s operations including production of vaccines, and other therapies in African and emerging markets.
AFPL is a wholly owned subsidiary of Aspen which, inter alia, centrally manages the group’s syndicated loan programs. As a company listed on the Johannesburg Stock Exchange (JSE), Aspen’s shareholding is a mix of the founders, institutional investors and domestic and international asset managers. Aspen’s two co-founders, Stephen Saad (Group Chief Executive) and Gus Attridge (Deputy Group Chief Executive), own 12.5 percent and 4.2 percent of the Company, respectively.
Aspen Pharmacare Holdings Limited
Mr. Gus Attridge
Deputy Chief Executive Officer
Sandton, Gauteng, 2191, South Africa
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