Facility with Hercules Technology Growth includes 180,274 warrants
By Devika Patel
Knoxville, Tenn., Feb. 24 – Agile Therapeutics, Inc. arranged a $25 million term loan facility with Hercules Technology Growth Capital, Inc. on Feb. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It has already drawn down $16.5 million.
The loan is due on Dec. 1, 2018 and accrues interest at the greater of 9% and 9% plus the Prime rate minus 425 basis points.
Hercules also received warrants for 180,274 shares. The warrants are exercisable at $5.89, which is a 39.22% discount to the Feb. 23 closing price of $9.69.
Proceeds will be used to repay Agile’s term loan facility and for working capital and general corporate purposes.
The women's health specialty pharmaceutical company is based in Princeton, N.J.
| Issuer: | Agile Therapeutics, Inc.
|
| Issue: | Term loan
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| Amount: | $25 million
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| Maturity: | Dec. 1, 2018
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| Coupon: | The greater of 9% and 9% plus the Prime rate minus 425 bps
|
| Warrants: | For 180,274 shares
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| Warrant strike price: | $5.89
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| Investor: | Hercules Technology Growth Capital, Inc.
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| Settlement date: | Feb. 24 (for $16.5 million)
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| Stock symbol: | Nasdaq: AGRX
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| Stock price: | $9.69 at close Feb. 23
|
| Market capitalization: | $182.57 million
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