Lotus Pharmaceutical Co., Ltd (“Lotus” or “the Company”, Taiwan OTC stock code: 1795) today announced the completion of its 5-year term NT$932 million syndication loan with Chang Hwa Bank acting as the lead arranger. Mr. Charles Lin, Chairman of Lotus, today signed the loan agreement with Mr. Horng-Yao Tu, Executive Vice President of Chang Hwa Bank on behalf of the bank consortium.
The proceeds from the syndication will be used to repay the outstanding debts, improve the manufacturing facilities, purchase the machinery, and fund the working capital. This is the first ever syndication loan that Lotus has done. The syndication is arranged by Chang Hwa Bank with other seven participating banks, including Bank of Taiwan, Taichung Bank, Taiwan Cooperative Bank, Hua Nan Bank, Mega Bank, Cota Commercial Bank, and Bank of Panhsin.
“This successful syndication financing is another meaningful milestone for Lotus. With such a great support from our partners in financial field who believe in our growth strategies, we are confident that we will be creating more value for all the stakeholders and heading towards becoming an industry leader across the region,” said Renaat Janssen, CEO of Lotus.
Lotus has been committed to realizing the synergies from the combined entity and proactively expanding our existing product portfolio across the region to fuel the growth since the completion of merger with Alvogen’s key operations in Asia last August. It has also delivered a record high quarterly sales on consolidated basis in the second quarter this year and made significant progress for US market by receiving another ANDA approval in June for its Levonorgestrel Tablet 1.5mg, which now is under preparation for product launch, in addition to its launch of Mefenamic Acid Capsule 250mg in September last year. Moreover, the completion of merger between Kunwha and Dream Pharma with rebranding to Alvogen Korea now makes the resources in all aspects managed and allocated in an even more efficient way for further growth.