LSL PHARMA GROUP SECURES $17.5 MILLION FROM DESJARDINS AND BDC
The New Line of Credit which is now available, represents a $4.2 million increase over the prior combined line of credit from TD Bank and Scotia Bank. The Term Loan financing expected to close on or about July 7, 2025 will be disbursed in three separate tranches. The first tranche to be disbursed on closing and serve to reimburse existing loans totalling $3.2 million plus accrued interest, as well as all outstanding Convertible Debentures listed asTSXV: LSL.DB, representing a principal amount of $3.288 million plus accrued interest (the "Redemption"). The Redemption will be subject to TSXV approval and a formal announcement and notice to Debenture holders, as per the terms of the Debenture Indenture dated November 1, 2023, which is available under LSL Pharma's issuer profile on www.sedarplus.ca.
The second and third tranches will be used to fund capital expenditures and serve to reimburse other debts and loans. Disbursement of the second and third tranches is subject to certain conditions and is expected to be made available before the end of the current fiscal year. The New loan once fully disbursed, will help reduce the Corporation's annual debt servicing requirements and contribute to lower the Corporation's overall interest costs.
Interest rate on the New Line of Credit as well as the Desjardins portion of the Term Loan will be based on Desjardins' prime rate plus 1%, which may be reduced based on financial criteria. The BDC portion of the Term Loan will be BDC's base rate plus 2.0% (the "Rate"). The Rate may be reduced by up to 2.5% should LSL Pharma meet certain financial criteria. The various portions of the New Loan will be amortized over 8 to 20 years, include a capital repayment moratorium for the first year on the BDC portion and will be subject to nominal financial covenants.
"We are pleased to announce this New Financing and thank Desjardins and BDC for supporting LSL Pharma and sharing our vision, as we keep implementing organic and strategic growth initiatives" said Francois Roberge, President and Chief Executive Officer. "The New Line of Credit and Term loan will significantly increase our working capital flexibility by providing us with in excess of $6 million of additional financing not allocated to loans/debt repayments", said Luc Mainville, Executive Vice-President and Chief Financial Officer.
Caution regarding forward-looking statements
This press release may contain forward-looking statements as defined under applicable Canadian securities legislation. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "continue" or similar expressions. Forward-looking statements are based on a number of assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that could cause actual results or performance to differ materially from those expressed or implied in such forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in the Corporation's filings with Canadian securities regulatory authorities, such as legislative or regulatory developments, increased competition, technological change and general economic conditions. All forward-looking statements made herein should be read in conjunction with such documents.
Readers are cautioned not to place undue reliance on forward-looking statements. No assurance can be given that any of the events referred to in the forward-looking statements will transpire, and if any of them do, the actual results, performance or achievements of the Corporation may differ materially from those expressed or implied by the forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. The Corporation does not undertake to update these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) have reviewed or accept responsibility for the adequacy or accuracy of this release.
About LSL Pharma Group Inc.
LSL Pharma Group Inc. is a Canadian integrated pharmaceutical company specializing in the development, manufacturing and commercialization of high-quality sterile ophthalmic pharmaceutical products, as well as pharmaceutical, cosmetic and natural health products in solid, semi-solid and liquid dosage forms. Companies forming part of LSL Pharma Group are Steri-Med Pharma Inc., LSL Laboratory Inc., Virage Santé Inc. and Dermolab Pharma Ltd. For further information, please visit our website at www.groupelslpharma.com.
SOURCE Groupe LSL PHARMA INC.
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