Pharmacare Finance plc, the financing company for pharmaceutical manufacturing firm Pharmacare Premium Ltd, on Friday announced that it has filed an application to the Malta Financial Services Authority (MFSA) requesting the listing of a maximum of €17 million in unsecured bonds to be issued at par.
The new bonds will be guaranteed by Pharmacare Premium, both in terms of annual interest and capital repayment upon maturity. Their listing on the Malta Stock Exchange is subject to regulatory approval by the MFSA.
The bond's coupon interest was not publicised in the market update.
Part of the proceeds will be used by Pharmacare Finance for the purpose of redeeming the €5 million 5.75 per cent unsecured bonds of 2025-2028, referred to as the 2018 Prospects MTF Bonds.
Once regulatory approval is granted, the 2018 Prospects MTF Bonds will be redeemed early upon the issue of the new bonds and their admission to the Malta Stock Exchange.
The company will be granting a preference to holders of the previously issued bonds appearing on the register of bondholders as at a pre-determined cut-off date to subscribe to the new bonds.
Pharmacare Finance also stated that further announcements with regards to the aforementioned application will be made in due course as the process progresses further.
Pharmacare Finance was incorporated in 2018 as a company to act as the financing company solely for Pharmacare Premium and its subsidiaries’ needs. Established in Malta in 2010, Pharmacare Premium manufactures pharmaceuticals through its “state-of-the art facility, infrastructure, and high-end equipment” in Ħal-Far.
