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MidCap Business Credit Provides $8MM Credit Facility to Sovereign Pharmaceuticals

January 02, 2019, 09:00 AM
Filed Under: Pharmaceuticals

MidCap Business Credit completed an $8 million Revolving Credit Facility for Sovereign Pharmaceuticals, LLC.  The facility was used to refinance the company’s existing senior debt and to support the company’s growth plans and working capital needs.

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

“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.  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. “   Paul Hafey President and CEO

The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, Senior Vice President of MidCap Business Credit 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.”

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