Indies Pharma adds $1-billion loan from NCB at higher cost, but profit rises

Indies Pharma Jamaica Ltd earned higher profit for its latest quarter but replaced an earlier bond with a $1-billion issue at a higher interest rate. It comes as the drug distributor rebounds from the impact of Hurricane Melissa. The refinancing resulted in higher finance costs during the quarter and increased its liabilities by one-third. The original bond, raised in 2020, was meant to fund development of two US FDA drug applications, the company has said. The company describes the new bond as a renewal used to retire the old one.