By Devika Patel
Knoxville, Tenn., Jan. 18 – Egalet Corp. said it settled a further $40 million tranche of its 13% senior secured notes, bring total issuance to $80 million. The deal raised $40 million on Aug. 31, 2016, the pricing date.
The latest tranche will be the final portion of the deal, the issuer said.
U.S. Bank NA is the trustee and collateral agent.
The debt is due on Sept. 20, 2033.
Proceeds were used to repay all debt owed to Hercules Capital, Inc. under a loan agreement and will be used for commercialization of Arymo ER, to develop Egalet-002 and for general corporate purposes.
Wayne, Pa.-based Egalet is a specialty pharmaceutical company focused on developing pain treatments.
| Issuer: | Egalet Corp.
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| Amount: | $80 million
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| Description: | Senior secured notes
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| Maturity: | Sept. 20, 2033
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| Coupon: | 13%
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| Settlement dates: | Aug. 31, 2016 (for $40 million), Jan. 18 (for $40 million)
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| Distribution: | Private placement
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