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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Axsome Therapeutics Expands Term Loan with Hercules Capital to $300MM
Tuesday, October 19, 2021
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Lenders/Participants
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Hercules Capital, Inc. [Lender]
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Structure
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Term Loan
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Amount
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$300.000
Million
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Borrower(s)
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Axsome Therapeutics
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Description
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Existing term loan facility agreement with Hercules Capital has been amended to increase the size of the facility to $300 million, and the amount immediately available upon U.S. Food and Drug Administration (FDA) approval of AXS-05 for major depressive disorder to $100 million, at the Company’s option. The amendment also extends the maturity and interest-only period of the facility. Under the terms of the amendment, the size of the term loan facility was increased to $300 million from $225 million, and the amount available at the Company’s option immediately upon approval of AXS-05 in major depressive disorder was increased to $100 million from $35 million. An additional $150 million may be drawn at the Company’s option, in three separate tranches, consisting of $20 million upon approval of AXS-07 for migraine; $55 million upon achievement of certain combined sales and outstanding debt criteria; and, subject to the approval of Hercules Capital, $75 million to support future strategic initiatives, including further pipeline advancement or expansion. A total of $50 million was funded upon the initial closing. The amended term loan facility now bears interest at a calculated prime-based variable rate currently at 8.95% compared to the original 9.15%. The amendment extends the maturity date of the facility from the original October 2025 to October 2026, and optionally to October 2027, subject to certain conditions. The amendment also resets the interest-only payment period, and extends it from the initial 30 months from the original loan closing to at least 48 months from the amendment closing, and up to 60 months from the amendment closing based on approval of AXS-05 and AXS-07.
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Industry
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Biotechnology
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| Related Tags |
Hercules Capital
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ABL Advisor
Deal Tables
2024
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