Canada’s Acerus Pharmaceuticals boosts revolver to $30.85 million

By Rebecca Melvin

Concord, N.H., Feb. 18 – Acerus Pharmaceuticals Corp. lifted commitments under its revolving credit facility to $30,845,000 from $25 million, according to a company news release on Friday.

The increase was made by way of an amending agreement with First Generation Capital Inc., whereby First Generation made a single advance under a secured grid promissory note.

The proceeds from the loan facility were used on Thursday to settle all obligations under the company’s former senior loan facility with SWK Funding LLC.

The loan facility bears interest at a rate of 8% per annum. It is repayable in full on Dec. 31, 2024, but can be prepaid in full or in part without penalty.

The specialty pharmaceutical company is based in Mississauga, Canada.

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