Dechra Pharmaceuticals launches private placement of unsecured notes

Drugmaker Dechra Pharmaceuticals has launched a private placement of €50.0m seven-year and €100.0m ten-year new senior unsecured notes.

Dechra said on Thursday that the issue has "similar covenants" to its existing facilities, while the weighted average coupon of the fixed rate notes will equate to 3.8%.

"The private placement is being undertaken now to achieve the group's aim of ensuring diversified sources of funding and to extend the Group's debt maturity profile," said Dechra.

The FTSE 100-listed firm added that all proceeds from the placement will be used to repay existing debts on its revolving credit facility.

Reporting by Iain Gilbert at Sharecast.com