PolyPeptide secures revolving credit facility
Baar, 2 October 2023 – PolyPeptide Group AG (SIX: PPGN) announces the signing of a revolving credit facility agreement with Credit Suisse, Danske Bank and Zürcher Kantonalbank as mandated lead arrangers, complemented by the extension of the credit facility with its majority shareholder, concluding the previously disclosed financing negotiations.
With Credit Suisse as the coordinator and agent, the banks committed to a three-year revolving credit facility (RCF) in the amount of EUR 111 million with an uncommitted increase option of EUR 40 million. The RCF allows PolyPeptide to refinance its existing borrowings from banks as well as finance its working capital and capital expenditure requirements to support its planned business growth.
In parallel, Draupnir Holding B.V. agreed to extend its EUR 40 million credit facility, which may be refinanced under the RCF subject to certain conditions.
Lalit Ahluwalia, CFO of PolyPeptide, comments: «The financing gives us the flexibility to invest to meet the needs of our customers as we implement our turnaround plans. We remain focused on operational execution while managing costs and optimizing net working capital.»