New Issue: Dermira negotiates $125 million five-year 10.75% loan with Athyrium

By Devika Patel

Knoxville, Tenn., Dec. 4 – Dermira Inc. arranged a $125 million five-year 10.75% senior secured term loan with Athyrium Opportunities III Acquisition LP on Dec. 3, according to an 8-K filed with the Securities and Exchange Commission.

The company borrowed $35 million under the agreement on Dec. 3. It may borrow up to $40 million in a single draw by July 1, 2019 and $50 million in a single draw by March 2, 2020 if certain conditions are met.

The loan may be prepaid at 105 in the first two years, 103 in the third year and at 101 in the fourth year and beyond.

The skin condition drug developer is based in Menlo Park, Calif.

Issuer:	Dermira Inc.
Issue:	Senior secured term loan facility
Amount:	$125 million
Maturity:	Dec. 3, 2023
Coupon:	10.75%
Call:	At 105 in the first two years, 103 in the third year and at 101 in the fourth year and beyond
Investor:	Athyrium Opportunities III Acquisition LP
Pricing date:	Dec. 3
Settlement date:	Dec. 3 (for $35 million), July 1, 2019 (for $40 million), March 2, 2020 (for $50 million)
Distribution:	Private placement

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