Alembic Pharma Issues $22-Million Guarantee For US Arm

Alembic Pharmaceuticals Ltd. on Tuesday said it has issued a corporate guarantee worth $22 million in favour of JPMorgan Chase Bank, N.A. The guarantee, valid for four and a half years, supports a term loan facility for its US-based wholly-owned subsidiary, Alembic Pharmaceuticals Inc., the company said in an exchange filing.

The company clarified that there's no adverse impact from this guarantee, as the total outstanding amount against similar guarantees for its US unit currently stands at nil.