Egalet extends forbearance on 13% senior secured notes to Oct. 21

By Susanna Moon

Chicago, Oct. 15 – Egalet Corp. extended the forbearance agreement with some holders of its 13% senior secured notes until 11:59 p.m. ET on Oct. 21, according to an 8-K filing with the Securities and Exchange Commission.

The company said it had entered into a forbearance agreement on Sept. 18 with holders of about 94% of its 13% senior secured notes until 11:59 p.m. ET on Oct. 14, or 5:01 p.m. ET on the first business day after an event of termination for potential events of default arising under terms of the 13% notes indenture as a result of any failure by the company to repurchase the company’s 5.5% convertible senior notes due 2020 tendered under an offer and related cross-defaults under the indenture governing the company’s 6.5% convertible senior notes due 2024.

Wayne, Pa.-based Egalet is a specialty pharmaceutical company focused on developing pain treatments.

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