A&D Pharma borrows 100 million euros to refinance syndicated loan

A&D Pharma, Romania’s largest drug retailer, has signed earlier today the agreement for a 3-year 100million euro loan with five banks to refinance previous syndicated loan and for general business purposes, the company said in an official statement earlier today.

The banks include Banca Comerciala Romana, BRD – Groupe Societe Generale, Citibank Europe, RBS Bank Romania and UniCredit Bank Austria, each lending 20 million euros.

The new loan is replacing the 100-mn euros credit facility previously granted by 11 banks. The credit will be used “to refinance the syndicated 100-mn euro loan, as well as for general business purposes”, reads a press release remitted by the company.

“This agreement reflects A&D Pharma’s capacity to attract financing even under difficult market conditions. We are delighted that we met all conditions imposed by the five banks who proved there was a solid support for A&D Pharma’s business model, even today considering the tight lending standards”, said Robert Popescu (photo), CEO A&D Pharma. The board of the drug retailer said the money will also be used to keep the company’s strategic position and to overcome the effects of the current economic crisis.

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