AFT Pharmaceuticals establishes new borrowing facilities

Mar
ket and Media release 21 May 2019
AFT Pharmaceuticals establishes new borrowing
facilities
AFT Pharmaceuticals (AFT) today announces it has established a NZ$15 million interim
banking facility with the BNZ, enabling the company to commence refinancing its
borrowings at more attractive rates. The new facility uses the existing security
arrangements between AFT, BNZ and CRG.
AFT’s main facility is provided by specialist US-based healthcare investor CRG. The
loan attracts an interest rate of 13.5% and matures on 31 March 2020. Although CRG
has offered to extend the loan AFT has been exploring options to refinance its
borrowings at more favourable New Zealand commercial lending rates.
The company intends to repay US$9.5 million of the CRG debt in the next few days,
significantly reducing its financing costs. It will continue negotiations with New Zealand
commercial banks for a long-term facility which will be used to repay the balance of
the CRG loan on 31 March 2020. Accordingly, the interim BNZ facility expires on 31
March 2020.
AFT Founder and Managing Director Dr Hartley Atkinson said: “We are grateful for the
support and financial flexibility CRG has provided to AFT over five years of significant
research and development investment, and as this business matures it is appropriate
for the company to seek alternative borrowing arrangements.”
AFT intends to release its audited results for the 12 Months to 31 March 2019 at
around 9.00am 22 May 2019. It is holding a conference call for media and investors
at 10.00am
To attend the conference call please dial in on one of the numbers below at
least five minutes before the scheduled call time, identify yourself to the
operator and provide the following confirmation code: 9462706
Au
stralia New Zealand
+61 3 8338 0026+64 9 887 6907
1800 123 2960800 452 782
For more information:
Investors Media
Malcolm Tubby Richard Inder
CFO The Project
AFT Pharmaceuticals +64 21 645 643
Tel: +64 9 488 0232

About AFT Pharmaceuticals
AFT is a growing multinational pharmaceutical company that develops, markets and
distributes a broad portfolio of pharmaceutical products across a wide range of
therapeutic categories which are distributed across all major pharmaceutical
distribution channels: over-the-counter (OTC), prescription and hospital. Our product
portfolio comprises both proprietary and in-licensed products, and includes patented,
branded and generic drugs. Our business model is to develop and in-license products
for sale by our own dedicated sales teams in our home markets of Australia and New
Zealand and in certain Southeast Asian markets, and to out-license our products to
local licensees and distributors to the rest of the world.