Kindred gets $50 million debt facility; York wraps $15 million notes

By Devika Patel

Knoxville, Tenn., Oct. 2 – Wednesday brought two new deals to the private placement market.

San Francisco-based Kindred Biosciences, Inc., a biopharmaceutical company, concluded a $50 million floating-rate five-year senior secured debt facility, and York, Pa.-based York Water Co., a water purifying company, sold $15 million of 3.23% 21-year senior notes.

Kindred raises $50 million

Kindred Biosciences settled a $50 million floating-rate five-year senior secured debt facility with investment affiliates managed by Solar Capital Partners, LLC.

The financing will be available in three tranches, each bearing interest at the one-month Libor plus 675 basis points, with a floor of 217 bps.

An initial tranche of $20 million was funded at closing. An additional $30 million will be available in two tranches, subject to certain conditions.

The entire loan matures on Sept. 30, 2024.

York Water sells notes

York Water issued $15 million of 3.23% 21-year senior notes on Oct. 1. The deal priced on Aug. 16.

Proceeds will be used to refinance $15 million of the company’s 5% series 2010A monthly senior notes due Oct. 1, 2040.

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