By Devika Patel
Knoxville, Tenn., Feb. 12 – Adma Biologics, Inc. said it entered into a $72.5 million two-part senior secured term loan facility with Perceptive Advisors.
The term loan is due March 1, 2022 and is being funded in two tranches, with $45 million having already settled. An additional $27.5 million will be available through June 30, 2020 once certain milestones are achieved. The minimum draw down of the second tranche is $10 million.
Borrowings bear interest at a coupon equal to 7.5% plus the greater of one-month Libor and 350 basis points.
Perceptive also will receive warrants for 1.36 million shares, which will be exercisable at a 115% premium.
The proceeds of the first tranche were used to prepay Adma’s $30 million senior secured credit facility.
Based in Ramsey, N.J., Adma is a late-stage biopharmaceutical company that develops, manufactures and intends to market plasma-based biologics to treat and prevent infectious diseases.
| Issuer: | Adma Biologics, Inc.
|
| Issue: | Senior secured term loan facility
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| Amount: | $72.5 million
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| Maturity: | March 1, 2022
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| Coupon: | 7.5% plus the greater of one-month Libor and 350 bps
|
| Warrants: | For 1.36 million shares
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| Warrant strike price: | 115% premium
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| Investor: | Perceptive Advisors
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| Announcement date: | Feb. 12
|
| Distribution: | Private placement
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