OptiNose places $150 million 10.75% notes; Getty sells $125 million

By Devika Patel

Knoxville, Tenn., Sept. 12 – The late week brought two new deals to the private placement market, with Yardley, Pa.-based OptiNose Inc., a specialty pharmaceutical company, agreeing to sell $150 million of 10.75% senior secured notes due 2024 and Jericho, N.Y.-based REIT Getty Realty Corp. selling $125 million of 3.52% senior notes due 2029.

OptiNose sells notes

OptiNose has agreed to issue up to $150 million of 10.75% senior secured notes due Sept. 12, 2024 through a private placement with two investors. BioPharma Credit plc was the agent for the deal, which raised $80 million at pricing on Thursday.

In addition, $30 million of notes will be issued between Sept. 27 and Feb. 15, 2020 upon the company reaching certain milestones and $20 million of notes may be issued at the company’s option between 15 days after the $30 million settles and Aug. 15, 2020, if certain milestones are met.

Also, the company may issue another $20 million of notes between 15 days after the $30 million if notes settles and Feb. 15, 2021, subject to certain milestones being met.

In addition, each investor received a warrant for 810,357 common shares, each exercisable at $6.72 per share until Sept. 12, 2022.

Getty wraps $125 million

Getty Realty issued $125 million of 3.52% senior notes due 2029 in a private placement with Prudential Insurance Co. of America, American General Life Insurance Co. and Massachusetts Mutual Life Insurance Co.

Proceeds were used to repay debt on the company’s floating-rate term loan and revolving credit facilities.

© 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.