NovoCure to prepay in full its $150 million term loan with BioPharma

By Taylor Fox

New York, Aug. 6 – NovoCure Ltd. plans to prepay in full its $150 million five-year term loan and security agreement from Feb. 7, 2018 with BioPharma Credit PLC on Aug. 18, according to an 8-K filing with the Securities and Exchange Commission.

NovoCure will also pay all interest, plus a prepayment premium of 2% of the prepaid term loan.

The loan subsequently assigned BioPharma to BPCR Ltd. partnership.

The obligations under the agreement are secured under a guaranty and security agreement also dated Feb. 7, 2018 by the NovoCure and the other grantors and guarantors, in favor of BioPharma, subsequently assigned by BioPharma to BPCR, providing for a lien on substantially all of the company’s and the guarantors’ assets, and a pledge of 100% of the equity interests in the guarantors and other entities that each of the company and the guarantors holds.

Following the prepayment, the credit agreement will be terminated.

The security interests, liens and pledges provided for under the agreement, and the agreement itself will be terminated in connection with NovoCure’s discharge of its indebtedness under the agreement.

Novocure is an oncology company that is developing a therapy called Tumor Treating Fields (TTFields). The company is based in Portsmouth, N.H., and incorporated in St. Helier, Jersey.

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