Pursuant on financing and you may guarantee contract, the company completed an initial drawdown out of $120 billion toward ount was applied of the Business to fund the bucks planning within the settlement from Deerfield’s senior protected convertible notes
LAUSANNE, Switzerland, –(Providers Cord)–ADC Therapeutics SA (NYSE: ADCT) now announced so it has done a few proper transactions where it:
(“Owl Stone”), and you can loans addressed from the Oaktree Investment Management, L.P. (“Oaktree”) having an initial tranche regarding $120 mil gotten abreast of closing now;
Compensated completely the $115 billion aggregate principal number of elderly shielded modifiable notes kept of the Deerfield Administration Organization (“Deerfield”) owed to possess (i) $117.3 mil from inside the dollars like the contractual leave fee into principal fees, (ii) dos,390,297 common shares just as much as comparable to the worth of the rest notice due on modifiable debenture towards avoid away from label, and you will (iii) deserves to purchase a keen aggregate of cuatro,412,840 common offers from the do it costs away from $ and you can $ per display;
Inserted for the a share buy agreement with particular fund regarding Owl Rock, a division from Bluish Owl Financing Inc., having an investment away from $six.twenty five million to possess 733,568 common shares.
“We’re happy to get into which contract which have Owl Rock and you will Oaktree, the latest proceeds that will be used to pay the cash said in the change of your protected convertible borrowing from the bank cards kept from the Deerfield,” told you Ameet Mallik, President out-of ADC Therapeutics. “Brand new obligations studio enjoys a term from 7 decades and allows us to keep enhancing the chance of ZYNLONTA and you can moving forward all of our pipeline out of unique antibody medicine conjugates to possess hematologic malignancies and good tumors. Read more