May 16, 2017 / 5:15 AM / 2 months ago

BRIEF-Pharming announces refinancing of its existing debt by single $100 million debt facility on improved commercial terms

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May 16 (Reuters) - PHARMING GROUP NV:

* PHARMING ANNOUNCES REFINANCING OF ITS EXISTING DEBT BY A SINGLE US$100 MILLION DEBT FACILITY ON IMPROVED COMMERCIAL TERMS

* REPAYMENT OF AMORTISING CONVERTIBLE BONDS ELIMINATES RISK OF APPROXIMATELY 24% DILUTION

* IT HAS COMPLETED A NEW US$100 MILLION FINANCE AGREEMENT WITH ORBIMED ADVISORS

* THIS HAS BEEN USED TO REDEEM AMORTIZING CONVERTIBLE BONDS DUE 2017/2018, AND TO REFINANCE COMPANY'S SENIOR DEBT FACILITY WITH SILICON VALLEY BANK AND KREOS CAPITAL

* LOAN, INITIALLY STRUCTURED AS A BRIDGE FACILITY WILL BE REPLACED WITHIN 60 DAYS BY A FULL LOAN AGREEMENT WITH A MATURITY DATE OF JUNE 2021

* SIGNIFICANT REDUCTION OF NEAR TERM CASH BURN (FROM AMORTISATIONS AND DEBT REPAYMENTS) OF APPROXIMATELY EUR 16 MILLION IN 2017 AND ALMOST EUR 8 MILLION IN 2018 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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