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Emisphere revises maturity dates of convertibles held by MHR lenders
Three convertible notes amended in connection with $20 million loan
By Devika Patel
Knoxville, Tenn., Aug. 21 – Emisphere Technologies Inc. amended the terms of its 13% senior secured convertible notes, its senior secured convertible bridge promissory notes and its senior secured convertible reimbursement promissory notes on Aug. 20, according to an 8-K filed Thursday with the Securities and Exchange Commission. The notes are held by MHR Capital Partners Master Account LP, MHR Capital Partners (100) LP, MHR Institutional Partners II LP and MHR Institutional Partners IIA LP.
The company also negotiated a loan of up to $20 million with the lenders, under which it has already drawn $5 million.
The 13% convertibles and the convertible bridge promissory notes will now mature on March 31, 2022. The convertible reimbursement promissory notes will now mature on the earlier of March 31, 2022 and immediately prior to when the new loan is repaid.
Tarrytown, N.Y.-based Emisphere is a biopharmaceutical company.
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