By Laura Lutz
Des Moines, March 3 - Achillion Pharmaceuticals, Inc. raised $5 million from two promissory notes.
Each of General Electric Capital Corp. and Oxford Financial Corp. invested $2.5 million.
The notes bear interest at 9.97% per year. They are payable in 36 monthly installments of principal and interest, beginning on April 1.
Along with the notes, General Electric received a warrant for 21,367 common shares, and Oxford received a warrant for 21,368 common shares. Both are exercisable at $4.68 per share until Feb. 26, 2018.
Achillion is a New Haven, Conn.-based biopharmaceutical company that develops treatments for infectious diseases.
| Issuer: | Achillion Pharmaceutcials, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $5 million
|
| Maturity: | Three years
|
| Coupon: | 9.97%
|
| Price: | Par
|
| Yield: | 9.97%
|
| Warrants: | For 21,367 shares (for General Electric); for 21,368 shares (for Oxford)
|
| Warrant expiration: | Feb. 26, 2018
|
| Warrant strike price: | $4.68
|
| Investors: | General Electric Capital Corp. (for $2.5 million); Oxford Financial Corp. (for $2.5 million)
|
| Pricing date: | Feb. 26
|
| Stock symbol: | Nasdaq: ACHN
|
| Stock price: | $5.11 at close Feb. 26
|
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