By Devika Patel
Knoxville, Tenn., May 1 – Vivus, Inc. plans to sell $110 million of 10.375% senior secured notes due 2024 in a private placement with funds managed Athyrium Capital Management LP, according to a press release.
The notes will be interest-only for the first three years.
Concurrently with the notes sale, Vivus will repurchase the $60 million of convertible notes held by funds managed by Athyrium at a discount to par.
The company also plans to restructure a portion of its corporate debt.
Mountain View, Calif.-based Vivus is a pharmaceutical company focused on treatments for obesity and sexual dysfunction.
Issuer: | Vivus, Inc.
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Issue: | Senior secured notes
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Amount: | $110 million
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Maturity: | 2024
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Coupon: | 10.375%
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Investors: | Athyrium Capital Management LP
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Announced: | May 1
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Distribution: | Private placement
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