Orexo Has Repurchased 14 Percent of Own Corporate Bonds
UPPSALA, Sweden, March 25, 2020 /PRNewswire/ -- Orexo AB (publ.) has repurchased 14 percent of its outstanding unsecured corporate bonds with a nominal value of SEK 40,500,000 through several purchases on the market. The repurchase concerns unsecured corporate bonds with ISIN SE0010494450 and the bonds have an outstanding nominal amount of SEK 292,500,000, including the bonds repurchased by Orexo.
The unsecured corporate bonds have a floating rate corresponding to STIBOR 3m plus 4.50 percent and are due in November 2021. The average purchase price corresponds to 97.26 percent of the nominal value of the corporate bonds.
The purpose of the repurchase is to optimize Orexo's capital structure, ensure a good placement of Orexo's liquid funds and leverage the current strong US dollar. The repurchase has been made possible by the company's strong cash position and that the vast majority of the cash balance is kept in US dollar. Following the purchase, Orexo's holding of its unsecured corporate bonds amounts to a nominal amount of SEK 40,500,000.
Orexo develops improved pharmaceuticals and digital therapies addressing unmet needs mainly within the growing space of addiction. The products are commercialized by Orexo in the US or via partners worldwide. The main market today is the American market for buprenorphine/naloxone products, where Orexo commercializes its lead product Zubsolv® for treatment of opioid use disorder. Total net sales for 2019 amounted to SEK 845 million and the number of employees was 127. Orexo is listed on the Nasdaq Stockholm Mid Cap (ORX) and is available as ADRs on OTCQX (ORXOY) in the US. The company is headquartered in Uppsala, Sweden, where research and development activities are performed.
For more information about Orexo please visit, www.orexo.com. You can also follow Orexo on Twitter, @orexoabpubl, LinkedIn and YouTube.
The information was submitted for publication, through the agency of the contact persons set out above, at 9 pm CET on March 25, 2020.
For further information, please contact
Orexo AB (publ.)
Nikolaj Sørensen, President and CEO
Tel: +46 (0)18 780 88 00
Lena Wange, IR and Communications Manager
Tel: +46 (0)18 780 88 00
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Orexo has repurchased 14 percent of own corporate bonds