By Devika Patel
Knoxville, Tenn., June 29 – Quotient Ltd. completed a $36 million second and final tranche of a $120 million private placement of 12% senior secured notes due 2023, according to an 8-K filed with the Securities and Exchange Commission. The deal raised $84 million on Oct. 14, 2017.
Interest on the notes will be payable semiannually.
The notes have a make-whole call until Oct. 14, 2018 and are then callable at a redemption price that includes a declining premium to par over four years.
The note purchasers also will receive a 2% royalty payment on net sales of MosaiQ instruments and consumables in the donor testing market in the European Union and the United States for eight years.
Proceeds will be used to repay all outstanding obligations to MidCap Financial Trust under a loan agreement and for general corporate purposes.
The diagnostics company is based in Penicuik, Scotland.
| Issuer: | Quotient Ltd.
|
| Issue: | Senior notes
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| Amount: | $120 million
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| Maturity: | 2023
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| Coupon: | 12%
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| Call option: | Make-whole call until Oct. 14, 2018 and then callable with a declining premium
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| Settlement dates: | Oct. 14, 2017 (for $84 million), June 29 (for $36 million)
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| Distribution: | Private placement
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