Aquestive Therapeutics delays amortization on 12½% notes

Chicago, Oct. 6 – Aquestive Therapeutics, Inc. has agreed with its lenders for a bridge waiver on its first principal payment due under its 12½% senior secured notes, according to a press release.

The lenders and the company will be working to execute a definitive agreement to extend the first principal payment due date to March 30, 2023.

The current maturity date and interest payments would be maintained, while the amortization schedule would be changed.

For the changes, the company has agreed to pay to noteholders a payment of $2.7 million in four equal quarterly installments starting March 30, 2022.

The bridge waiver expires when the definitive agreement is executed or Dec. 31, whichever comes earlier.

The company has also modified its credit facility to allow access of an additional $30 million until June 30, 2022.

The extensions are designed to allow time for FDA approval of product candidate Libervant for U.S. market access, a benzodiazepine intended for rapid treatment of acute uncontrolled seizures in selected, refractory patients with epilepsy.

The specialty pharmaceutical company is based in Warren, N.J.

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