By Devika Patel
Knoxville, Tenn., Oct. 6 - Anesiva, Inc. gave further details about a $30 million term loan in an 8-K filed Monday with the Securities and Exchange Commission. The first tranche of $20 million settled at pricing on Oct. 2 and the second tranche of $10 million will be completed upon the achievement of certain conditions.
The financing was led by agent Oxford Finance Corp., and was co-funded by CIT Healthcare LLC and Compass Horizon Funding Co. LLC.
The loan repayment is interest only through the end of June 2009, followed by a 30-month repayment period.
Any amounts drawn down will accrue interest at a per-annum rate equal to the greater of 12% and the sum of the three-month Libor rate three business days prior to the applicable funding rate plus 9.21%.
Investors also received 10-year warrants for 1,790,082 common shares, which are exercisable at $1.6759 per share.
Proceeds will be used to repay Anesiva's $10.7 million equipment financing loan from GE Capital Corp. and provide operating funds.
Based in South San Francisco, Calif., Anesiva develops novel therapeutic products to treat pain.
| Issuer: | Anesiva, Inc.
|
| Issue: | Term loan
|
| Amount: | $30 million
|
| Maturity: | December 2011
|
| Coupon: | The greater of 12% and the sum of the three-month Libor rate three business days prior to the applicable funding rate plus 9.21%
|
| Warrants: | For 1,790,082 shares
|
| Warrant expiration: | Ten years
|
| Warrant strike price: | $1.6759
|
| Investor: | Oxford Finance Corp. (agent), CIT Healthcare LLC and Compass Horizon Funding Co. LLC
|
| Settlement date: | Sept. 30 (for $20 million)
|
| Stock symbol: | Nasdaq: ANSV
|
| Stock price: | $1.37 at close Oct. 2
|
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