Knight Therapeutics, a pan-American (ex-U.S.) specialty pharmaceutical company, closed the syndication of its $100 million secured revolving credit facility.
Previously, Knight closed a $50 million revolving credit facility with National Bank of Canada (NBC) and initiated a syndication process to increase the size of the facility. As part of the syndication process, Knight has expanded its banking consortium to include three additional banks: Citibank, CIBC and TD. The consortium now consists of four banks, with NBC as the lead arranger.
On Oct. 31, 2025, the revolving credit facility was increased to $100 million with an accordion feature for an additional $100 million, subject to receipt of acceptance by the lenders. The credit facility is mainly intended to support the company’s growth strategy and may also be used for working capital and other corporate purposes.
The credit facility has an initial maturity date of June 17, 2028, and can be extended annually by an additional one-year period. The credit facility can be drawn in USD or CAD at the SOFR or CORRA rate plus an applicable margin between 1.25% to 2.75% depending on Knight’s debt leverage. Knight will pay stand-by fees for the undisbursed portion of the credit facility. In addition, the credit facility includes certain customary financial and non-financial covenants that the company must maintain over the period of the agreement. In June 2025, Knight withdrew C$60 million from the credit facility to fund a portion of the Paladin acquisition.
“We are pleased to partner with NBC and the syndicate of lenders. This credit facility strengthens our relationship with four banks and doubles our borrowing capacity from US$50M to US$100M, with an additional US$100M accordion feature. The financial flexibility of this partnership positions us well for acquisitions as well as supports the growth of our business,” Arvind Utchanah, chief financial officer of Knight Therapeutics, said.
