TORONTO, April 27 /CNW/ - Patheon Inc. announced today that JLL Partners,
through its investment vehicle, JLL Patheon Holdings, LLC, has completed the
purchase of US$150 million of convertible preferred shares of the Company
through a private placement. Patheon's shareholders approved this transaction
at the Annual and Special Meeting of Shareholders held on April 19, 2007.
Patheon also announced today that it has refinanced its existing North
American and U.K. credit facilities with new credit facilities with an
aggregate amount of US$225 million, comprising a seven-year US$150 million
term loan and a five-year US$75 million revolving credit facility. This
financing is being arranged by J.P. Morgan Securities Inc. and GE Commercial
"The new credit facilities, coupled with the investment by JLL Partners,
provide the Company with a stable, long-term capital structure, which provides
the Company with financial flexibility to pursue new growth opportunities."
said John Bell, Patheon's Chief Financial Officer.
"We are very pleased to become an investor in Patheon. We believe that
the Company is well positioned to take advantage of the favorable macro trends
in the pharmaceutical outsourcing sector, driving strong growth in Patheon's
earnings and profitability," added Paul S. Levy, a Managing Director of JLL
Partners who has recently joined the Company's Board of Directors, along with
two other representatives of JLL Partners.
CAUTIONARY NOTE: FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements which reflect
management's expectations regarding the Company's future growth of operations,
performance (both operational and financial) and business prospects and
opportunities. Although management believes that the expectations reflected in
such forward-looking statements are reasonable, such statements involve risks
and uncertainties. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that could cause actual
results to differ materially from expectations include, but are not limited
to, currency fluctuations, the level of outsourcing services required by the
pharmaceutical companies (and in particular our clients), the impact of
changes in pharmaceutical development and manufacturing regulations and
general economic and market factors (including inflation and changes in laws)
and other factors discussed in materials filed with applicable securities
regulatory authorities from time to time.
Patheon (TSX:PTI; www.patheon.com) is a leading global provider of drug
development and manufacturing services to the international pharmaceutical
industry. Patheon operates a network of 14 facilities in the United States,
Canada and Europe, employing more than 5,300 people and serving a client base
of 250 pharmaceutical and biotechnology companies.
ABOUT JLL PARTNERS
Founded in 1988, JLL Partners is a leading New York-based private equity
investment firm with $3.2 billion of capital under management. JLL's
investment philosophy is to partner with outstanding management teams and
invest with them in companies that they can continue to grow into market
leaders. JLL has invested in a variety of industries, with a specific focus on
healthcare services, financial services, business services and building
products. More information regarding JLL can be found on its website,
For further information:
For further information: Mr. John Bell, Chief Financial Officer, Tel:
(905) 812-6812, Fax: (905) 812-6613, Email: firstname.lastname@example.org; Mr.
Riccardo Trecroce, Chief Executive Officer, Tel: (905) 812-6877, Fax: (905)
812-6613, Email: email@example.com