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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Oaktree Provides $250MM Term Loan Facility to Seres Therapeutics
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Lenders/Participants
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Oaktree Capital Management L.P. [Lender]
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Structure
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Senior Secured Term Loan
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Amount
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$250.000
Million
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Borrower(s)
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Seres Therapeutics
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Description
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The Company drew the first tranche of $110 million at closing, with three additional tranches available. These additional tranches include $90 million that will be available in two tranches of $45 million each based upon the achievement of certain applicable VOWST sales targets, and an additional $50 million will be available to the Company at Oaktree’s discretion to support potential future business development activities.
Of the $110 million advanced by Oaktree at closing, approximately $53 million retires outstanding debt, and after deducting fees and expenses, the net proceeds to the Company are approximately $50 million. The Term Loan Facility carries an interest rate equal to the three-month secured overnight financing rate ("SOFR") plus 7.875%, with the interest rate capped at 12.875% per annum. The Term Loan Facility is expected to mature six years from funding and carries an initial interest only period for the first three years, which may be extended to six years based upon the achievement of certain VOWST sales targets.
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Industry
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Biologics
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Location
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MA
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| Related Tags |
Oaktree Capital Management
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ABL Advisor
Deal Tables
2025
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