Evolus gets $125 million term loan in two parts via Pharmakon funds

By Marisa Wong

Los Angeles, Dec. 14 – Evolus, Inc. announced it entered into a $125 million term loan financing facility with funds managed by Pharmakon Advisors, LP.

According to a Tuesday press release, the senior secured term loan will be available in two tranches.

Evolus will draw $75 million upon execution of the agreement. At its option, it may draw up to an additional $50 million before Dec. 31, 2022. This second tranche is available with no additional performance obligations or financial covenants.

The facility will mature six years from funding. Interest-only payments will be required during the first 39 months, after which ratable principal payments begin for the remaining 33 months.

Interest will be paid quarterly at Libor, subject to a 1% floor, plus 850 basis points.

Proceeds will be used for general corporate purposes and working capital. A portion of the proceeds may also be used for potential strategic transactions.

The beauty company is based in Newport Beach, Calif.

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