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Marathon Asset Management Closes $50MM Credit Facility for Baudax Bio
Tuesday, June 2, 2020

Lenders/Participants Marathon Asset Management [Lender]
Structure Term Loan
Amount $50.000 Million
Borrower(s) Baudax Bio, Inc.
Description Proceeds from the facility will generally be used to support the commercial launch of ANJESOTM (meloxicam) injection, and for working capital purposes. This financing is in the form of a five-year term loan bearing interest at a fixed rate of 13.5%. Baudax will pay interest only for the first 24 months of the loan. The funds are structured in five tranches, to provide financial flexibility as needed, while balancing debt leverage and managing interest expense, with $10 million available immediately upon closing of the transaction. The additional four tranches will be available upon achieving certain minimum net revenue thresholds within set periods of times from the closing date. If Baudax achieves $10 million trailing 12-month EBITDA within 24 months of closing, then the term of the loan can be extended to six years with an interest only period of 36 months.
Industry Pharmaceuticals
Related Tags Marathon Asset Management

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