Avalon Pharma renews $28M credit facilities with Banque Saudi Fransi

What's the deal? Middle East Pharmaceutical Industries Co.Dealroom has a profile for this one. Try Dealroom → (Avalon PharmaDealroom has a profile for this one. Try Dealroom →) has renewed Shariah-compliant credit facilities worth SAR 104 million (about $28 million) with Banque Saudi Fransi (BSF). The one-year facilities were guaranteed through promissory notes equivalent to the facility amount, according to a statement to the TadawulDealroom has a profile for this one. Try Dealroom → exchange.

What's the endgame? The company said the facilities will help finance its working capital. It added that there were no related parties to the deal.

The signal: Renewing bank credit lines is a routine liquidity move for listed manufacturers, giving Avalon Pharma continued short-term funding as it manages day-to-day operations.

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