(OTTAWA) – July 2, 2009 – Export Development Canada (EDC) today announced it has committed USD 50 million towards a USD 400 million revolving credit facility for Biovail Corporation (Biovail), Canada’s largest publicly traded pharmaceutical company.
“Biovail is a strong Canadian company that is making significant progress in growing its business, and EDC is pleased to play a financial role in their efforts through our new domestic powers,” said Stephen Poloz, Senior Vice-President, Financing Products Group, EDC.
Biovail Chief Executive Officer Bill Wells said, “We’re delighted to welcome EDC as a member of our lending syndicate at this important time in Biovail’s history. We look forward to a productive and rewarding relationship as we continue implementing our new strategic focus.”
This transaction was facilitated under EDC’s temporary two-year broadening of its mandate to undertake domestic financing and insurance. EDC’s domestic powers were enacted on March 12, 2009.
Biovail Corporation is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products. The company is focused on the development and commercialization of medicines that address unmet medical needs in niche specialty central nervous system (CNS) markets. For more information about Biovail, visit the company’s Web site at www.biovail.com.
EDC is Canada’s export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada’s Top 100 Employers for eight consecutive years.
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Media contact:
Phil Taylor
Export Development Canada
Tel: (613) 598-2904
Blackberry: ptaylor@edc.ca