Shoppers Drug Mart initiates refinancing measures
TORONTO Shoppers Drug Mart on Friday announced that it has entered into a new senior unsecured 364-day credit facility in the amount of up to $200 million. The bank credit facility is available in a single drawdown to provide for a partial refinancing of the company’s $300 million of medium term notes maturing Oct. 24, 2008.
Should Shoppers Drug Mart elect to utilize all or part of this facility to refinance a portion of the $300 million in maturing medium term notes, the balance of funds required to complete the refinancing is expected to come from existing sources of liquidity, the Canadian drug retailers stated, including funds available to the company under its pre-existing committed $800 million revolving bank credit facility maturing June 6, 2011, and cash provided by operating activities.
On a consolidated basis, after giving effect to the repayment of the maturing medium term notes, no incremental debt of the company is expected to be outstanding as a result of these refinancing activities.
GlaxoSmithKlines acquires Bristol-Myers Squibb’s Egyptian mature products business
LONDON GlaxoSmithKline has acquired the Egyptian mature products business of Bristol-Myers Squibb, the British drug maker announced Wednesday.
GSK said the acquisition, worth $210 million, is a move to accelerate sales growth and further extend its pharmaceutical portfolio in emerging markets.
“This acquisition is an important step forward in GSK’s strategy to accelerate sales growth in emerging markets,” GSK president for emerging markets Abbas Hussain said in a statement. “It will enable us to build and diversify our existing branded pharmaceuticals portfolio and signals our strong commitment to provide quality medicines to patients in Egypt and other countries in the Middle East and North Africa regions.”
‘Face the Nation’ anchor Schieffer to headline NACDS Foundation event
ALEXANDRIA, Va. The National Association of Chain Drug Stores Foundation revealed today that the keynote speaker at the 2008 annual NACDS Foundation Dinner will be Bob Schieffer, anchor of the CBS News’ Sunday public affairs broadcast “Face the Nation.” Schieffer, who also serves as CBS News chief Washington correspondent, will address attendees Dec. 2 at the Sheraton New York Hotel and Towers in New York City.
NACDS’ announcement is a timely one. Schieffer, one of the few broadcast or print journalists to have covered all four major beats in the nation’s capital—the White House, the Pentagon, the State Department and Capitol Hill, moderated the third and final Presidential debate this week.
“Bob Schieffer demonstrated as moderator of this week’s presidential debate that he asks the questions on the minds of Americans relating to political and national affairs in each of his broadcasts,” said Phil Schneider, NACDS Foundation president. “His conversational style enables him to delve into his stories and share a comprehensive look at the issues facing the country. The NACDS Foundation is delighted to have Mr. Schieffer as the keynote speaker at the 10th annual Foundation dinner this year.”