API extends pharmacy loans
October 4, 2013
Australian Pharmaceutical
Industries has announced a
five year extension of financial
assistance to “certain pharmacy
customers,” with long term loans
due for repayment this month
having been renegotiated.
According to a statement issued
on the ASX earlier this week,
API said it had signed a Heads of
Agreement, having re-negotiated
the terms and conditions of the
loans including the principal
amount due, the interest rate and
the repayment dates.
“The re-negotiated facility
includes an extension of the
repayment date for five years to
October 2018 on terms acceptable
to all parties,” the company said.
Documentation on the renegotiated
terms and conditions
is expected to be finalised shortly,
with API currently in the process of
finalising its financial statements
for the year to 31 Aug.
The API board said it would
consider these new commercial
terms as part of its review
and approval of the financial
statements, which are due for
release on 24 Oct.
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