By Devika Patel
Knoxville, Tenn., May 3 – Adma Biologics, Inc. said it elected to draw down the remaining $27.5 million of its two-part senior secured term loan facility with Perceptive Advisors. The facility was announced on Feb. 12.
In addition, the company obtained an additional $12.5 million funding commitment from the investor, which is predicated on FDA approval of Bivigam, lifting the size of the facility to $85 million from $72.5 million.
The terms of the additional $12.5 million are similar to the current credit facility with an interest rate of 7.5% plus the greater of one-month Libor and 350 basis points and availability through March 31, 2020.
As previously reported, the term loan is due March 1, 2022 and was funded in two tranches, with $45 million having already settled and the additional $27.5 million now available because certain milestones were achieved.
Perceptive also received warrants for 1.36 million shares in February, which are exercisable at a 115% premium. The investor received warrants for another 250,000 shares with the latest commitment.
Based in Ramsey, N.J., Adma is a late-stage biopharmaceutical company that develops, manufactures and intends to market plasma-based biologics to treat and prevent infectious diseases.
Issuer: | Adma Biologics, Inc.
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Issue: | Senior secured term loan facility
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Amount: | $85 million
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Maturity: | March 1, 2022
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Coupon: | 7.5% plus the greater of one-month Libor and 350 bps
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Warrants: | For 1.61 million shares
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Warrant strike price: | 115% premium
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Investor: | Perceptive Advisors
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Announcement dates: | Feb. 12, May 3
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Distribution: | Private placement
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