Sorrento’s Scilex unit buys back all senior secured notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., Sept. 29 – Sorrento Therapeutics Inc.’s indirect subsidiary Scilex Holding Co. paid off all its outstanding senior secured notes due 2026 on Sept. 28 for a cash price of approximately $39.7 million with the holders forgiving and discharging $28 million in principal, according to a Sorrento press release and an 8-K filing with the Securities and Exchange Commission.

Immediately prior to the repurchase, the total principal amount of the notes was approximately $67.7 million.

The notes were secured by the assets of Scilex Pharma related to ZTlido (lidocaine topical system 1.8%), including the property and assets of Scilex Pharma necessary for the manufacture and sale of ZTlido on a worldwide basis exclusive of Japan.

U.S. Bank NA was the trustee and collateral agent.

The notes were guaranteed by Sorrento.

Scilex is a pain management products company based in Palo Alto, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.