Omeros amends credit facility with CRG, gets additional $45 million

By Sarah Lizee

Olympia, Wash., April 11 – Omeros Corp. entered into an amendment to its existing credit facility with some affiliates of CRG LP allowing for the company to borrow up to an additional $45 million on or before May 20, according to a press release.

With respect to the 12-month period beginning on Jan. 1, the amendment deems Omeros to have met the financial covenants requiring the company to achieve a minimum net revenue or market capitalization amount.

The net revenue and market capitalization covenants will continue to apply for 2019 and subsequent years, but the minimum market capitalization threshold for future periods will be reduced from 6.4 times to 3 times the total principal amount of loans outstanding, excluding any payment-in-kind loans.

In connection with the amendment, Omeros will issue warrants to the lenders, exercisable for five years for up to 200,000 shares of the company’s common stock at $23.00 per share, which represents an about 70% premium to the closing price of the company’s common stock on April 6.

The warrants, and underlying common stock if and when the warrants are exercised, will be subject to a one-year restriction on sale or transfer if any amount of debt remains outstanding under the credit facility.

Omeros is a biopharmaceutical company based in Seattle.

© 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.