Two Hercules entities invest in company's three-year floating debt
By Devika Patel
Knoxville, Tenn., March 29 - Anthera Pharmaceuticals, Inc. settled a $25 million loan with Hercules Technology II, LP and Hercules Technology Growth Capital, Inc. on March 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The debt accrues interest at the greater of the Prime rate plus 730 basis points or 10.55%.
The loan matures Sept. 1, 2014 and may be called with a prepayment charge of between 1-3%.
Hercules also received warrants for 321,429 common shares, which are each exercisable at $6.00 for seven years. The strike price reflects an 8.12% discount to the March 25 closing share price of $6.53.
Anthera, based in Hayward, Calif., is a biopharmaceutical company.
| Issuer: | Anthera Pharmaceuticals, Inc.
|
| Issue: | Loan
|
| Amount: | $25 million
|
| Maturity: | Sept. 1, 2014
|
| Coupon: | The greater of Prime plus 730 bps or 10.55%
|
| Call: | With a prepayment charge of between 1-3%
|
| Warrants: | For 321,429 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $6.00
|
| Investors: | Hercules Technology II, LP and Hercules Technology Growth Capital, Inc.
|
| Settlement date: | March 28
|
| Stock symbol: | Nasdaq: ANTH
|
| Stock price: | $6.62 at close March 28
|
| Market capitalization: | $218.17 million
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