Radius Health gets upsized $175 million credit facilities

By Wendy Van Sickle

Columbus, Ohio, March 3 – Radius Health Inc. entered into amended and restated credit facilities totaling $175 million, consisting of a $150 million term loan, which includes a cashless conversion of $25 million in existing term loans, and a $25 million revolver, according to a news release Wednesday.

The amended and restated credit facilities also provide for an additional $25 million term loan at the lenders’ discretion.

The transaction represents an upsize from the company’s prior senior $95 million loan facilities, which consisted of a $55 million term loan, $25 million of which had been drawn, and a $20 million revolver that had a $20 million accordion feature.

Proceeds are expected to be used to repurchase $112.2 million of 3% convertible notes due 2024 at a 6% discount to par, to repay the existing $25 million term loan and to add $14.2 million of cash to the company’s balance sheet.

Radius is a Waltham, Mass.-based biopharmaceutical company.

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