A Patheon technician at work
Patheon Inc. plans to issue $280-million of senior secured notes to refinance the company's debts, the contract pharmaceutical manufacturer and developer announced Monday.
The proceeds of the offering will be used to repay all outstanding debts under a senior secured term loan and asset-based credit facility, Patheon announced from its U.S. headquarters in North Carolina.
The company, which has its global headquarters in Mississauga, said remaining funds will be put towards repaying other debts and general corporate purposes.
Once the offer closes, the company said it plans to amend a $75-million asset-based revolving loan, extending the maturity date from 2012 to 2014.
Patheon provides contract drug development and manufacturing services to the global pharmaceutical industry, including hundreds of leading pharmaceutical and biotechnology companies.