---
schema_version: "secwatch.filing_event.v1"
accession: "0000950103-24-000925"
form_type: "8-K"
ticker: "ADCT"
cik: "0001771910"
company_name: "ADC Therapeutics SA"
filed_at: "2024-01-19T23:59:59+00:00"
generated_at: "2026-06-06T21:23:53.679309+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# ADC Therapeutics amends loan; adds ZYNLONTA sales covenant, eases out-license repay

## Summary
- New revenue covenant requires ZYNLONTA net sales from $45.5M (trailing 3Q Jun'24) to $94.2M (4Q Jun'29).
- Out-licensing repayment threshold raised to $75M (from $50M); mandatory paydown cut to 25% (from 30%).
- Covenant not tested if 30-day avg market cap ≥ $650M; prepayment cure right limited to 3 events, max 2 consecutive.
- Lenders waived alleged non-financial defaults and consented to potential Delaware reincorporation.
- Amendment targets greater flexibility for out-licensing preclinical compounds while adding measurable sales target.

## SEC filing metadata
- accession: 0000950103-24-000925
- form_type: 8-K
- ticker: ADCT
- cik: 0001771910
- company_name: ADC Therapeutics SA
- filed_at: 2024-01-19T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1771910/000095010324000925/0000950103-24-000925-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1771910/000095010324000925/dp205339_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950103-24-000925
- JSON: https://secwatch.observer/filing/0000950103-24-000925.json
- Plain text: https://secwatch.observer/filing/0000950103-24-000925.txt

## Key facts
- Material Agreements
  ADC Therapeutics SA amended First Amendment with lenders party thereto, Blue Owl Opportunistic Master Fund I, L.P., as administrative agent and collateral agent (effective 2024-01-16).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: lenders party thereto, Blue Owl Opportunistic Master Fund I, L.P., as administrative agent and collateral agent
  - Effective: 2024-01-16
  source text: On January 16, 2024, the Company and certain of its subsidiaries entered into the First Amendment (the "Amendment") to the loan agreement and guaranty, dated August 15, 2022, among the Company, its subsidiaries party thereto, the lenders party thereto and Blue Owl Opportunistic Master Fund I, L.P., as administrative agent and collateral agent (the "Credit Agreement").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1771910/000095010324000925/0000950103-24-000925-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.