BELLUS Health reports results for first half of f...(uring plan are designated as held for tr...),Health

Date:8/11/2009

uring plan are designated as held for trading financial assets. Previously, the ABCP were also classified in that category. During the quarter ended June 30, 2009, the Company received partial payments for capital, totaling $1,459,000 ($1,459,000 for the six-month period), and for accrued interest, totaling $141,000, ($532,000 for the six-month period) for its investment in ABCP held since the market disruption. The Company has not recorded any interest income since the initial maturity of the ABCP it held; however, the expected proceeds from the interest were considered in the determination of the fair value of the ABCP.

During the second quarter of 2008, the Company entered into a temporary credit facility with the chartered bank that sold the ABCP to the Company. On April 20, 2009, in connection with the restructuring of the ABCP market, the Company entered into new secured revolving credit facilities with the chartered bank, with a minimum 2-year term and with options to renew on an annual basis for up to a maximum total potential term of seven years. These facilities have combined maximum aggregate amounts of CDN$7,307,000 and $4,578,000, bear interest at prime rate minus 1% per annum, and are secured by hypothecs having an aggregate principal amount of CDN$18,400,000 on the New ABCP Notes issued to the Company, on the securities accounts in which they are held and on all proceeds of these notes. The amounts of the credit facilities reduce as capital payments are received on the New ABCP Notes. A portion of these facilities and all other obligations of the Company towards the bank are secured by a hypothec on the universality of the Company's assets in the amount of approximately CDN$2,000,000. The revolving credit facilities also include a put option feature in 2011 and 2012, which may limit the Company's losses to between 25% and 55% of the New ABCP Notes, subject to certain conditions.

As at June 30, 2009, the Company estimated the fair value
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SOURCE BELLUS HEALTH INC. Copyright©2009 PR Newswire. All rights reserved

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