Offering includes a warrant for 241,117 shares, exercisable at $3.94
By Devika Patel
Knoxville, Tenn., July 19 – Auris Medical Holding AG said it arranged a $20 million 42-month loan facility agreement with Hercules Capital, Inc. The company has already drawn down $12.5 million.
The loan accrues interest at a minimum rate of 9.55%. Interest is based on the Prime rate. Terms include an initial interest-only period until June 30, 2017, which is extendable to March 31, 2018.
Hercules also received warrants for 241,117 common shares. The warrant is exercisable at $3.94, a 6.49% premium to the July 18 closing share price of $3.70.
The biopharmaceutical company is based in Zug, Switzerland.
| Issuer: | Auris Medical Holding AG
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| Issue: | Loan facility agreement
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| Amount: | $20 million
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| Maturity: | 42 months
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| Coupon: | 9.55% (minimum)
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| Warrants: | For 241,117 shares
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| Warrant strike price: | $3.94
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| Investors: | Hercules Capital, Inc.
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| Settlement date: | July 19 (for $12.5 million)
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| Stock symbol: | Nasdaq: EARS
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| Stock price: | $3.70 at close July 18
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| Market capitalization: | $130.84 million
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