Daily News: January 4, 2019

MidCap Business Credit Closes $8MM Sovereign Revolver

MidCap Business Credit completed an $8 million revolving credit facility for Sovereign Pharmaceuticals.

Established in 1990 and headquartered in Fort Worth, TX, Sovereign is a privately-owned and operated, full-service pharmaceutical CDMO. It specializes in developing and manufacturing oral tablets, oral capsules, oral and topical solutions, and oral suspensions

Sovereign used the MidCap facility to refinance its existing senior debt and support its growth plans and working capital needs.

“Sovereign was introduced to Midcap by Able Global Partners to provide working capital for growing our company. The MidCap team was not only professional and courteous during the process, they moved quickly to complete the loan process much quicker than a conventional bank loan,” said Paul Hafey, Sovereign president and CEO. “They worked with us to understand the business of pharmaceutical contract manufacturing, our company and our financial needs so they could provide the right loan so we could grow now and in the future. I recommend any company in need of working capital financing contact MidCap.”

Bruce Pavesich, Midcap senior vice president, said, “We are excited to work with the Sovereign management team. We were able to deliver a credit facility with a flexible structure that will allow them to address their current financing needs as well as meet their future financial objectives. We also want to thank Able Global Partners who was the intermediary on the transaction.”

The financing opportunity was sourced out of MidCap’s regional office in Baltimore.