Oxford BioMedica revises term loan to $50 million with Oaktree

By Mary-Katherine Stinson

Lexington, Ky., Oct. 7 – Oxford BioMedica plc refinanced its $85 million secured 12-month loan facility from funds managed by Oaktree Capital Management, LP, according to a press release.

Under the refinancing, Oxford made a partial repayment and amended the facility into a new $50 million senior secured four-year term loan facility also provided by Oaktree. The amended term loan contains similar terms to the prior 12-month loan facility

The term loan will mature four years after the date of completion and will not amortize.

The term loan carries a variable interest rate, capped at 10.25% per year and payable quarterly in cash, with up to 50% of interest for the first twelve months payable in kind as additional loan principal at the company’s option.

The interest rate is subject to downward adjustment following the satisfaction of certain commercial conditions.

The term loan is secured by the assets of the company and its subsidiaries.

The new term loan facility also allows the company to draw down a further $25 million from Oaktree to fund acquisitions. The option is available for three years.

Oxford is a biopharmaceutical company located in Oxford, England.

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