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Cadence Bank Upsizes Credit Facility to Up to $50MM for SWK Holdings

November 17, 2022, 07:28 AM
Filed Under: Life Sciences

SWK Holdings Corporation, a life science focused specialty finance company catering to small- and mid-sized commercial-stage companies, announced the signing of the 5th Amendment to the Loan and Security Agreement with Cadence Bank.  The amendment increases Cadence's commitment to $35 million, with a $15 million accordion feature that provides for expansion of the facility up to $50 million, subject to customary conditions. The facility will bear interest at a rate of SOFR plus 2.65% and has a maturity date of September 30, 2025.

"We are excited to announce the improvements to our credit facility and the continuation of our partnership with Cadence," stated Jody Staggs, President and Interim CEO of SWK Holdings. "The new facility provides additional capital and bears interest at a lower rate.  This is an important first step as SWK optimizes its capital structure and provides additional, cost-efficient capital at a time when there is growing interest in our non-dilutive financial offerings among emerging life-sciences companies."

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