Hyloris secures €6M financing to support its development
The Belgian pharmaceutical group announced in the evening, in a regulated information press release, the establishment of a €5M renewable credit line with Belfius, supplemented by a €1M convertible bond. The stated objective is to have an additional liquidity cushion without resorting to an immediate equity issuance.
A Belfius line whose drawdown depends on the convertible issuance
Concluded at market conditions, the senior secured renewable credit facility is intended for working capital and general corporate needs. It will mature on October 31, 2028.
It is backed by a €1.5M guarantee provided by Wallonie Entreprendre and a €1M guarantee from Stijn Van Rompay, remunerated at 2% per annum on the guaranteed amount. A letter of intent from SVR Management, aimed at ensuring that Hyloris has the necessary liquidity to meet its obligations, completes the arrangement.
The subordinated convertible bond will be subscribed by SVR Invest, a company controlled by the chief executive officer, for a term of three years from issuance and a cash coupon of 5% per annum. Holders benefit from a second-ranking pledge on the business goodwill and on the securities held in Hyloris Developments.
Conversion, which is voluntary only, will be possible after 12 months of lock-up, with a premium of 33.33% on the volume-weighted average price of the three trading sessions following the announcement; the resulting price will be published separately.
Issuance will take place at Hyloris's first request, no later than the fifteenth day following the publication of 2026 annual results. It constitutes a condition precedent to any drawdown on the Belfius line.
Green light from independent directors and waiver of previous support
As this is a related-party transaction within the meaning of Article 7:97 of the Belgian Code of Companies and Associations, its terms were examined by a committee of three independent directors. The committee unanimously deemed the transaction to be in the interest of the company and its shareholders, before its approval by the board of directors on October 28, 2026.
Once the financing structure is finalized, Hyloris will waive the support arrangements previously granted by Stijn Van Rompay, for a total amount of €6M. The group indicates that this financing strengthens its balance sheet and gives it additional room to execute its strategy, under predominantly non-dilutive terms.
"This provides us with additional financial flexibility as we continue to deploy our portfolio and advance licensing discussions that we believe can generate upfront payments," said chief executive officer Stijn Van Rompay.
