API breaks covenant
November 16, 2010
AUSTRALIAN Pharmaceutical
Industries Limited has today
released its full year statutory
accounts for the 12 months to 31
August, confirming its previously
announced net profit after tax of
$22.6 million (PD 28 Oct).
The results also revealed that
during the year API breached its
banking covenants.
“On 22 October 2010, the
Company obtained its lender’s
consents for not achieving, during
the 12 months ended 31 August
2010, a minimum performance
target required under the lending
terms,” reads a clause on page 19
of the 81-page API document.
The performance targets were
based on budgeted earnings before
interest and taxes, with the
covenant applying to all of API’s
Australian debt.
However despite the breach no
additional obligations were
imposed by the lenders, API said.
API sad it had refinanced a $275
million securitisation facility
through to May 2013, as well as a
$70m Aspire facility to May 2012.
The above article was sent to subscribers in Pharmacy Daily's issue from 16 Nov 10To see the full newsletter, see the embedded issue below or CLICK HERE to download Pharmacy Daily from 16 Nov 10
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