Aspen Topspin 2 (IFC-48804)

Countries
  • South Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Jul 2, 2024
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Aspen Treasury Ireland Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 214.18 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 537.40 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 500
Converted using 2024-07-02 exchange rate.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 11, 2025

Disclosed by Bank Sep 4, 2024

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed investment is an up to EUR500 million financing package comprising (i) an unsecured, straight senior loan (“A” loan) of up to EUR150 million from IFC and; (ii) mobilization of parallel loans of up to EUR350 million to Aspen Treasury Ireland Limited (ATIL), a wholly owned subsidiary of Aspen Pharmacare Holdings Limited (Aspen or the Company). The financing will support: (i) Aspen’s corporate financing program to assist the Company in expanding its capacity to deliver medicines, diabetes insulin and paediatric vaccines in Africa; the Company’s investment in ongoing product development and acquisition of product portfolios; (iii) the Company’s investments in emerging markets manufacturing capabilities; and (iv) to refinance existing debt and strengthen the Company’s balance sheet.  

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability (2012), as the project is expected to have a limited number of specific environmental and social impacts which are manageable with the implementation of good international industry practices (GIIP), standards, procedures, guidelines and design criteria.

Key E&S issues associated with this project include: implementation of the Company’s SHE management system and organization; labor and working conditions; OHS; energy and water efficiencies; life and fire safety management; hazardous material and waste management; emergency preparedness and response and stakeholder engagement and grievance redress mechanisms.

 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

IFC’s proposed investment in Aspen through ATIL is an unsecured IFC “A” loan of up to EUR150 million and parallel loans of up to EUR350 million, with a tenor of up to seven years, to be disbursed in Euros.

IFC's Investment as Approved by the Board: Loan 214.18 million (USD)

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Aspen Treasury Ireland Limited (ATIL) is a wholly owned subsidiary of Aspen that centrally manages the group’s syndicated loan programs. Aspen is listed on the Johannesburg Stock Exchange (JSE), the Company’s shareholding is a mix of the founders, institutional investors and domestic and international asset managers. Aspen’s co-founders, Stephen Saad and Gus Attridge, own 12.8 percent and 4.3 percent of the Company, respectively.


Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Sean Capazorio, 

Group Chief Financial Officer, 

scapazorio@aspenpharma.com 

Aspen Corporate HQ

Aspen Place

9 Rydall Vale Park

Douglas Saunders Drive

La Lucia Ridge

Tel: +27 31 580-8600

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works