By Wendy Van Sickle
Columbus, Ohio, July 15 – Aquestive Therapeutics, Inc. completed a private placement of $70 million of 12˝% senior secured notes due June 2025 and warrants, according to a press release issued Monday.
Aquestive may issue $10 million of first additional notes upon the completion of the New Drug Application filing for Libervant Buccal Film with the U.S. Food and Drug Administration and may offer up to $30 million, less the amount of any first additional notes that are issued, of second additional notes upon receiving FDA approval for Libervant.
Morgan Stanley & Co. LLC acted as the placement agent.
Purchasers of the original notes received warrants to purchase up to 2 million shares of Aquestive common stock exercisable at a price of $4.25 per share at any time through June 30, 2025.
Proceeds were used to repay the roughly $52 million outstanding under the company’s prior credit facility and to retire the facility. Additional proceeds will be used to commercialize and advance new products and for general corporate purposes.
The specialty pharmaceutical company is based in Warren, N.J.
| Issuer: | Aquestive Therapeutics, Inc.
|
| Issue: | Senior secured notes and warrants
|
| Amount: | $70 million
|
| Maturity date: | June 30, 2025
|
| Placement agent: | Morgan Stanley & Co. LLC
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| Coupon: | 12˝%
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| Warrants: | For 2 million shares
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| Warrant expiration: | June 30, 2025
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| Warrant strike price: | $4.25 per share
|
| Distribution: | Private placement
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