By Devika Patel
Knoxville, Tenn., Feb. 3 – Axovant Sciences Ltd. sold $55 million of four-year floating-rate debt to agent and investor Hercules Capital, Inc. on Feb. 2, according to an 8-K filing with the Securities and Exchange Commission. The debt will be issued in a private placement.
The term loan matures on March 1, 2021 and bears interest at the greater of 10.55% and the Wall Street Journal Prime Rate plus 68 basis points.
The notes may be prepaid at any time with a premium, which will be 3% if the prepayment occurs within the first 18 months after closing; 2% if the prepayment occurs after 18 months but before 36 months following closing; and 1% if the prepayment occurs after 36 months.
The clinical-stage biopharmaceutical company is based in Hamilton, Bermuda.
| Issuer: | Axovant Sciences Ltd.
|
| Issue: | Term loan
|
| Amount: | $55 million
|
| Maturity: | March 1, 2021
|
| Agent and investor: | Hercules Capital, Inc.
|
| Coupon: | Greater of 10.55% and Wall Street Journal Prime Rate plus 68 bps
|
| Call feature: | May be prepaid at any time, premiums of 3% if the prepayment occurs within the first 18 months after closing; 2% if the prepayment occurs after 18 months but before 36 months following closing and 1% if the prepayment occurs after 36 months
|
| Fees: | $550,000
|
| Settlement date: | Feb. 2
|
| Distribution: | Private placement
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