UroGen Pharma amends loan to add third and fourth tranches

Chicago, March 15 – UroGen Pharma Ltd. and UroGen Pharma Inc. amended and restated their loan agreement with BPCR Ltd. Partnership and BioPharma Credit Investments V (Master) LP on March 13, according to a notice and details in a 10-K filing with the Securities and Exchange Commission.

The amendment adds $100 million in third and fourth tranches of senior secured loans.

The third tranche of $25 million is mandatory and must be drawn by Sept. 30.

The fourth tranche of $75 may be drawn at the borrower’s option no later than Aug. 29, 2025. The conditions are that the $25 million tranche is drawn and the company receives FDA approval of an NDA for UGN-102 before June 30, 2025.

The interest rate was reduced on the loan to SOFR plus 725 basis points, with an increased 2.5% SOFR floor. The previous margin was 825 bps and the previous floor was 1.25%.

A one-time consideration of 175 bps will be paid upon funding of each respective tranche.

The original agreement from March 8, 2022 was for a $100 million senior secured loan.

The New York-based biopharmaceutical company focuses on cures of cancers and urologic diseases.

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