The phrase financing develops toward and you may accrues attract at an annual rates away from covered total capital price (SOFR) as well as eight

Pursuant to the loan and you can guarantee contract, the organization accomplished a primary drawdown away from $120 mil into ount was applied because of the Business to fund the cash said within the settlement away from Deerfield’s elderly safeguarded modifiable notes

LAUSANNE, Switzerland, –(Team Cord)–ADC Therapeutics SA (NYSE: ADCT) now revealed so it has actually complete some proper deals in which they:

(“Owl Rock”), and you can finance treated because of the Oaktree Financing Management, L.P. (“Oaktree”) having an upfront tranche off $120 million obtained abreast of closing today;

Settled entirely new $115 million aggregate prominent level of older covered modifiable notes kept because of the Deerfield Management Company (“Deerfield”) owed for (i) $117.step three billion in the cash like the contractual leave commission to the prominent repayment, (ii) dos,390,297 common shares whenever comparable to the value of the rest desire owed towards the modifiable debenture toward stop of title, and you can (iii) warrants to find a keen aggregate out-of cuatro,412,840 preferred shares from the exercise cost away from $ and you may $ for each express;

Inserted with the a portion pick agreement that have certain money off Owl Material, a division out of Bluish Owl Funding Inc., for a good investment away from $six.twenty-five million for 733,568 preferred offers.

“Our company is thrilled to enter it arrangement that have Owl Rock and Oaktree, the fresh proceeds of which will be used to pay the bucks idea in the change of one’s covered modifiable borrowing notes kept of the Deerfield,” said Ameet Mallik, Ceo out of ADC Therapeutics. “The newest loans facility keeps a phrase regarding eight age and you can enables us to keep increasing the potential of ZYNLONTA and you will moving forward our very own pipeline of book antibody treatments conjugates to possess hematologic malignancies www.cashadvancecompass.com/payday-loans-ca/los-angeles/ and you can solid tumors.