By Devika Patel
Knoxville, Tenn., Sept. 12 – OptiNose Inc. 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 on Sept. 12, according to an 8-K filed Tuesday with the Securities and Exchange Commission. BioPharma Credit plc was the agent for the deal, which raised $80 million at pricing.
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.
OptiNose is a specialty pharmaceutical company based in Yardley, Pa.
| Issuer: | OptiNose Inc.
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| Issue: | Senior secured notes
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| Amount: | $150 million
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| Maturity: | Sept. 12, 2024
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| Coupon: | 10.75%
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| Warrants: | For 1,620,714 shares
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| Warrant expiration: | Sept. 12, 2022
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| Warrant strike price: | $6.72
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| Agent: | BioPharma Credit plc
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| Settlement date: | Sept. 12
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| Distribution: | Private placement
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