By Devika Patel
Knoxville, Tenn., Oct. 2 – Kindred Biosciences, Inc. settled a $12 million floating-rate senior secured debt facility with investment affiliates managed by Solar Capital Partners, LLC, according to a press release.
The financing will be available in three tranches, each bearing interest at the one-month Libor plus 675 basis points, with a floor of 217 basis points.
An initial tranche of $20 million was funded at closing. An additional $30 million will be available in two tranches, subject to certain conditions.
The entire loan matures on Sept. 30, 2024.
The biopharmaceutical company is based in San Francisco.
| Issuer: | Kindred Biosciences, Inc.
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| Issue: | Debt financing
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| Amount: | $50 million
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| Maturity: | Sept. 30, 2024
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| Coupon: | One-month Libor plus 675 bps, with a floor of 217 bps
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| Investor: | Solar Capital Partners, LLC
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| Announcement date: | Oct. 2
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| Distribution: | Private placement
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