A&D Pharma negotiates 100m-euro refinancing with several banks

A&D Pharma Group, the largest player on the Romanian pharmaceutical market, incurred almost 2.3 million-euro losses last year, compared with 8.4 million euros in 2007. On the other hand, the company’s sales were on an upward trend, reaching 501 million euros, 18% more than in 2007, while the Romanian pharmaceutical market saw a 7% growth rate last year in euros. The group’s EBITDA rose 80%, to 22.1 million euros, from 12.3 million euros in 2007. At present, the group is discussing with six banks the refinancing of a 100 million-euro credit contracted in 2006 and due in July this year, from a syndicate of banks led by Citi Bank London. “We are negotiating the refinancing of the 100 million-euro credit with the banks, and we have had positive signals so far. I think the cost will be slightly higher, but there won’t be any major differences,” said Dimitris Sophocleous, who took over as CFO of the pharmaceutical group in mid last year.