Dutch pharmaceutical firm Pharming Group replaced its $100 million bridge facility with a $100 million permanent facility agreement. OrbiMed Advisors provided both financings.

The bridge financing was used to redeem the amortizing convertible bonds due 2017/2018 and to refinance the company’s senior debt facility with Silicon Valley Bank and Kreos Capital.

The loan, initially structured as a bridge facility, has been replaced by a full four-year loan agreement with a maturity date of July 2021 under unchanged terms and conditions as described below.

The overall interest rate of the facility is approximately 12%, reducing to 11% if the company achieves net sales in the U.S. of $100 million per annum during the term of the loan.

Dr. Sijmen de Vries, CEO of Pharming, commented: “We are delighted to announce that we now completed the full refinancing of the senior debt and amortizing convertible bonds on such excellent terms. OrbiMed Advisors is one of the world’s leading specialty debt investors in the life science sector, and we are very pleased to have them as a long term partner.”

Pharming is a Dutch specialty pharmaceutical company developing innovative products for the safe, effective treatment of rare diseases and unmet medical needs.