Hayfin Capital Management provided a €23 million ($27.805 million) debt facility consisting of a five-year term loan to Sinclair Pharma, an international aesthetics company.

The facility is on more flexible terms than the group’s existing bank debt and will cost less. It will be used to repay debt from the current facility. Proceeds also will be used to fund growth, particularly in the group’s U.S. and South Korea operations, settle deferred consideration liabilities as they come due and to expand, upgrade and increase Ellansé manufacturing capacity and clinical trial development activities.

The loan is repayable on April 27, 2023, although it may be repaid at any time, at the company’s option, subject to early prepayment fees. The loan carries an interest rate of EURIBOR plus 9.0%, subject to a EURIBOR floor of 0.75%. No cash interest is payable in the first 18 months of the facility.

The facility includes financial covenants relating to the achievement of revenue targets and a requirement to hold a minimum level of cash at all times. It is secured by a first ranking charge over Sinclair’s assets.

“Sinclair has delivered impressive growth over the last two years and we are truly excited by the Group’s prospects,” said Howard Rowe, managing director of Hayfin. “We are pleased to once again be a lender to the company and to help facilitate the Sinclair team driving their business forward.”