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Nordion Reports Fourth Quarter And Fiscal 2012 Financial Results; Provides Fiscal 2013 Outlook

Credit Facility

On January 25, 2013, Nordion entered an $80 million Amended and Restated senior secured credit facility agreement with the Toronto-Dominion Bank and a select group of other financial institutions. The credit facilities consist of a $20 million revolving credit facility and a separate facility of up to $60 million to be used for the issuance of letters of credit. The latter facility will be fully secured including a specific pledge of cash collateral. Cash pledged against the facility will be reported as restricted cash and will be unavailable for operation.

AECL Arbitration and Claim Update

In fourth quarter fiscal 2012, Nordion also announced that the arbitration tribunal dismissed AECL’s counterclaim against Nordion for damages for breach of contract in the amount of $250 million and other relief. The appeal period has expired and neither party appealed the decision. The arbitrators have yet to decide on the issue of costs, and requested that Nordion and AECL make submissions. AECL has submitted total arbitration-related costs of approximately $46 million. The tribunal is expected to schedule proceedings to hear both parties during the Company’s second quarter fiscal 2013. As the decision of the tribunal favoured AECL, Nordion may be responsible for a portion of AECL’s costs, which could be material. Nordion is currently assessing the legal merits and financial implications of AECL’s cost submission.

On January 18, 2013, Nordion filed an amended statement of claim against AECL in the Ontario Superior Court of Justice in relation to the 1996 Isotope Production Facilities Agreement (IPFA). The claim requests damages in the amount of $243.5 million for negligence and breach of the IPFA, as well as pre- and post-judgment interest and costs.

Fourth Quarter and Fiscal 2012 Segment Results

Following the strategic organizational realignment announced on September 12, 2012, the sole product that is now reported in Targeted Therapies is Nordion’s innovative liver cancer treatment, TheraSphere®. Contract Manufacturing is now reported under Medical Isotopes.

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