Investor and agent Oxford also receives warrants for 1,666,668 shares
By Devika Patel
Knoxville, Tenn., Jan. 19 – MabVax Therapeutics Holdings, Inc. arranged $10 million of senior secured term loans with agent and lender Oxford Finance LLC on Jan. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It has already raised $5 million.
The loans accrue interest at a rate equal to the greater of 11.5% or Libor plus 1,129 basis points. The loans mature on Feb. 1, 2020 and may be prepaid in whole but not in part at prices ranging from 101 to 103.
The investors also received warrants for 1,666,668 shares, which are each exercisable at $0.75 for five years. The strike price is a 13.64% premium to the Jan. 14 closing share price of $0.66.
The biopharmaceutical company is based in San Diego.
| Issuer: | MabVax Therapeutics Holdings, Inc.
|
| Issue: | Senior secured term loans
|
| Amount: | $10 million
|
| Maturity: | Feb. 1, 2020
|
| Coupon: | The greater of 11.5% or the three month Libor plus 1,129 bps
|
| Call: | Yes, at prices ranging from 101 to 103
|
| Warrants: | For 1,666,668 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.75
|
| Agent: | Oxford Finance LLC
|
| Investor: | Oxford Finance LLC
|
| Settlement date: | Jan. 15 (for $5 million)
|
| Stock symbol: | OTCBB: MBVX
|
| Stock price: | $0.66 at close Jan. 14
|
| Market capitalization: | $17.89 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
