Adma Biologics arranges $72.5 million term loan; Cabify, Continuing Healthcare get loans

By Devika Patel

Knoxville, Tenn., Feb. 12 – Tuesday was active for the private placement market, with three new deals announced.

Ramsey, N.J.-based Adma Biologics, Inc., a late-stage biopharmaceutical company, entered into a $72.5 million two-part senior secured term loan facility with Perceptive Advisors. Madrid-based ride hailing company Cabify arranged a $70 million loan with IDB Invest and Blue like an Orange Sustainable Capital. Middleburg Heights, Ohio’s Continuing Healthcare Solutions, Inc., which offers assisted living, skilled nursing and rehabilitation, long-term care, respite care and Alzheimer's care for seniors, completed a $43.3 million term loan and line of credit through lender Oxford Finance LLC.

Adma Biologics’ term loan is due March 1, 2022 and is being funded in two tranches, with $45 million having already settled. An additional $27.5 million will be available through June 30, 2020 once certain milestones are achieved. The minimum draw down of the second tranche is $10 million.

Borrowings bear interest at a coupon equal to 7.5% plus the greater of one-month Libor and 350 basis points.

Perceptive also will receive warrants for 1.36 million shares, which will be exercisable at a 115% premium.

Cabify’s $70 million loan will allow it to reinforce its “smart cities agenda,” and Continuing Healthcare Solutions used the proceeds of its financing to purchase and provide working capital for eight long-term care facilities in Ohio.

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