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ADMA Biologics enters into $72.5M loan facility; shares up 7% premarket

Published 02/12/2019, 08:26 AM
Updated 02/12/2019, 08:26 AM
© Reuters.  ADMA Biologics enters into $72.5M loan facility; shares up 7%  premarket
  • ADMA Biologics (NASDAQ:ADMA) has entered into a senior secured term loan facility with Perceptive Advisors for up to $72.5M under two funding tranches.
  • The first tranche of $45M was used to prepay ADMA’s former senior secured credit facility of $30M in full plus associated costs and fees.
  • The second loan facility tranche of $27.5M is predicated on FDA approval of either the BIVIGAM Prior Approval Supplement or the RI-002 BLA.
  • The Perceptive credit agreement has an interest only term with a maturity date of March 1, 2022. Borrowings bear interest at a rate per annum equal to 7.5% plus the greater of one-month LIBOR and 3.5%.
  • ADMA will also issue a warrant to Perceptive priced at a 115% premium to purchase 1,360,000 shares of the Company’s common stock.
  • Shares are up 7% premarket.
  • Now read: Summit Therapeutics (SMMT) Presents At BIO CEO & Investor Conference - Slideshow


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