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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Hercules Capital, Oxford Finance Provide $400MM Debt Facility to Verona Pharma
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Lenders/Participants
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Hercules Capital, Inc. [Lender]
Oxford Finance [Lender]
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Structure
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Debt Facility
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Amount
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$400.000
Million
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Borrower(s)
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Verona Pharma
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Description
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The debt facility provides non-dilutive capital and further financial flexibility to support Verona Pharma’s continued growth, including the planned commercial launch of ensifentrine. The debt facility replaces the existing facility of up to $150 million with an affiliate of Oxford. Under the terms of the debt facility, the Company drew $50 million at closing, and may draw, subject to certain conditions precedent, an additional $100 million upon approval of ensifentrine, $150 million in two separate tranches upon achievement of certain net sales milestones and, subject to the approval of the Lenders, $100 million to support strategic initiatives. Verona Pharma will pay only interest on the outstanding loans under the debt facility for the first 53 months with the outstanding principal of the loans under the debt facility amortized over the subsequent 7 months. The $20 million drawn and fees and associated costs due to Oxford on the discharge of the existing debt facility will be paid to Oxford on closing of the debt facility.
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Industry
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Pharmaceuticals
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Location
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NC
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| Related Tags |
Hercules Capital, Oxford Finance, Pharmaceuticals
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ABL Advisor
Deal Tables
2025
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