TherapeuticsMD amends financing agreement with Sixth Street

Chicago, March 10 – TherapeuticsMD, Inc. amended its financing agreement that lists Sixth Street Specialty Lending, Inc. on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment waived various breaches of the financing agreement, including the $60 million minimum cash covenant and the minimum net revenue covenants for the fourth quarter of 2021.

It also removes the minimum net revenue covenant for the first quarter of 2022.

The minimum cash covenants have been reduced under the financing agreement.

The lenders additionally waived the existing $60 million prepayment penalty under the financing agreement and the company agreed to a paid in kind amendment fee of $30 million, an amount that was added to the principal amount of the loans. Of that fee, $16 million is waivable in certain conditions.

The maturity was amended to June 1.

The company agreed to pay the lenders as a prepayment of the loans under the financing agreement the first $120 million of net proceeds from a divestiture of its subsidiary vitaCare Prescription Services, Inc. to GoodRx for a cash payment of $150 million with a further $7 million earn-out consideration possibly paid later.

In additional to the $120 million prepayment, the company agreed to repay any net proceeds of the divestiture over $135 million.

The pharmaceutical company is based in Boca Raton, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.