pcJ News Briefs – Medicure Inc. (TSX-V: MPH, OTC:MCUJF) has repaid in full its loans with the Manitoba Development Corporation (MDC) and Crown Capital Fund IV, LP, an investment fund managed by Crown Capital Partners Inc. (TSX: CRWN).
The loan from Crown, totalling $60.0 million, of which $30.0 million was syndicated to the Ontario Pension Board (OPB), was obtained on November 17, 2016 to facilitate the acquisition of Apicore and bore interest at 9.5% per annum. Medicure has prepaid this loan in full, including principal, interest and fees. Crown IV LP continues to own warrants to acquire 450,000 common shares of Medicure, exercisable at $6.50 per share.
The loan from MDC was originally obtained in July of 2011, had $1.1 million of principal remaining and bore interest at 5.25% per annum.
The funds to repay these loans were obtained from the proceeds of the sale of Medicure’s interests in Apicore, which was previously announced on October 3, 2017.
photo credit: Medicure
News Release
Medicure Announces Repayment of Outstanding Debt
WINNIPEG, CANADA – (November 17, 2017) Medicure Inc. (“Medicure” or the “Company”) (TSXV:MPH, OTC:MCUJF), a pharmaceutical company, today announced that it has repaid in full its loans with the Manitoba Development Corporation (“MDC”) and Crown Capital Fund IV, LP, an investment fund managed by Crown Capital Partners Inc. (“Crown”).
The loan from Crown, totalling $60.0 million, of which $30.0 million was syndicated to the Ontario Pension Board, was obtained on November 17, 2016 to facilitate the acquisition of Apicore and bore interest at 9.5% per annum. The loan from MDC was originally obtained in July of 2011, had $1.1 million of principal remaining and bore interest at 5.25% per annum. The funds to repay these loans were obtained from the proceeds of the sale of the Company’s interests in Apicore, which was previously announced on October 3, 2017.
“We are thankful for the support that Crown and MDC have provided to Medicure. The repayment of these loans significantly strengthens the Company’s balance sheet which provides a strong base to further the growth of the Company and diversify commercial revenues,” commented Medicure’s President and CEO, Dr. Albert D. Friesen. “Medicure is well positioned to launch Prexxartan® and other products in the first half of 2018.”
About Medicure Inc.
Medicure is a pharmaceutical company focused on the development and commercialization of therapeutics for the U.S. cardiovascular market. The primary focus of the Company is the marketing and distribution of AGGRASTAT (tirofiban hydrochloride) in the United States, where it is sold through the Company’s U.S. subsidiary, Medicure Pharma, Inc. For more information on Medicure please visit www.medicure.com.
For more information, please contact:
James Kinley
Chief Financial Officer
Tel. 888-435-2220
Fax 204-488-9823
E-mail: info@medicure.com
www.medicure.com