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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
MidCap Financial Trust Provides $100MM Credit Facility to BioCryst Pharmaceuticals
Thursday, February 7, 2019
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Lenders/Participants
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MidCap Financial Trust [Administrative Agent, Lender]
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Structure
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Secured Loan
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Amount
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$100.000
Million
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Borrower(s)
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BioCryst Pharmaceuticals, Inc.
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Description
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Company entered into a $100 million secured loan facility available in three tranches, as described further below (the “Loan Transaction,” and such loan, the “Loan”) with MidCap Financial Trust, as administrative agent and lender (“MidCap”), to the terms and conditions of that certain Second Amended and Restated Credit and Security Agreement, dated as of February 5, 2019 (the “Credit Agreement”), among the Borrowers, MidCap, and the lenders party thereto from time to time. The Loan will be available in three tranches, with (i) the first tranche (“Tranche 1”) to be comprised of $50 million funded at closing of the Credit Agreement, which includes $30 million of proceeds that are deemed rolled over from the outstanding principal amount under the Prior Credit Agreement (as defined below), (ii) the second tranche (“Tranche 2”) to be comprised of $30 million, and (iii) the third tranche (“Tranche 3”) to be comprised of $20 million, with Tranche 2 and Tranche 3 to be funded upon the completion of certain contingencies related to the Company’s development activities of its product candidates and the establishment of certain financial covenants described below. The Credit Agreement refinances and replaces the Amended and Restated Credit and Security Agreement dated as of July 20, 2018, among the Borrowers, MidCap and the lenders party thereto (the “Prior Credit Agreement”). The Company is using the proceeds of the new Loan for general corporate purposes. The Borrowers initially will make interest-only payments, with principal payments for 30 months commencing on July 1, 2020. The interest rate will be a variable interest rate (initially 10.5%), based on an 8% margin plus the one-month LIBOR with a LIBOR floor of 0.5%. Upon execution of the Credit Agreement, the Borrowers are paying to MidCap an origination fee of $350,000, an exit fee accrued under the Prior Credit Agreement of $80,000, and an administrative fee of approximately $90,000. On each annual anniversary of the Closing Date, Borrowers will pay an administrative fee in an amount equal to 0.25% multiplied by the aggregate principal amount of the Loans advanced to Borrower under the Credit Agreement as of such date (after deducting from such amount all permitted voluntary prepayments).
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Industry
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Pharmaceuticals
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| Related Tags |
MidCap Financial Trust
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ABL Advisor
Deal Tables
2025
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