Pliant Therapeutics upsizes Oxford Finance facility by $50 million

By Mary-Katherine Stinson

Lexington, Ky., March 12 – Pliant Therapeutics Inc. entered into an amended and restated loan and security agreement with Oxford Finance LLC as agent, upsizing it to provide a series of term loans totaling up to $150 million, according to an 8-K filing with the Securities and Exchange Commission.

Of the total, the $50 million addition is subject to the lender’s sole discretion.

At closing, Pliant drew down an initial tranche of $30 million, which includes $10 million in principal amount previously outstanding under the company’s prior agreement.

An additional $70 million is available at the company’s option upon the satisfaction of certain conditions related to the development of bexotegrast.

The principal amount outstanding under the loans will accrue interest at SOFR plus 525 bps.

The loans mature on March 1, 2029, but may be extended to March 1, 2030, subject to certain conditions.

Pliant will be required to make a final payment of 5.5%, or 7.25% if the amortization date has been extended to July 1, 2029, of the original principal amount of the drawn loans, payable at maturity or upon any earlier acceleration or prepayment. The company may prepay the loans in whole or in part, at 103 if prepaid on or before the first anniversary, at 102 if prepaid after the first anniversary and on or before the second anniversary and at 101 if prepaid after the second anniversary and on or before the third anniversary.

Pliant closed on the original $100 million facility in May 2022.

This upsized facility, along with the company’s cash and cash equivalents of $495.7 million as of Dec. 31, is expected to fund Pliant through 2026.

Based in San Francisco, Pliant is a clinical-stage biopharmaceutical company developing new treatments for fibrotic diseases.

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