Adicet Bio amends loan with PacWest, extends drawdown to 2024 and maturity to 2026

Adicet Bio, Inc.

Drawdown period for term loans extended by one year to April 19, 2024.
If company raises at least $60M in equity or partnership cash (excluding Regeneron) by Sept 30, 2023, interest-only period extends to Oct 19, 2024.
Final maturity of term loans extended one year to October 19, 2026.
Company must maintain lesser of $200M or 70% of combined deposit balances with PacWest.
Guarantor affirmed prior guaranty and security interest in substantially all assets except IP.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Adicet Bio, Inc. amended Fifth Amendment to Loan and Security Agreement with Pacific Western Bank ("PacWest") (effective 2022-12-02).

Action: amendment
Agreement: credit facility
Counterparty: Pacific Western Bank ("PacWest")
Effective: 2022-12-02

Exact text from the filing

On December 2, 2022 (the “Effective Date”), Adicet Therapeutics, Inc. (the “Subsidiary”), a Delaware corporation and wholly-owned subsidiary of Adicet Bio, Inc. (the “Guarantor”, and together with the Subsidiary, the “Company”), and Pacific Western Bank (“PacWest”) entered into a Fifth Amendment (the “Amendment”) to that certain Loan and Security Agreement, dated April 28, 2020, by and among the Subsidiary and PacWest (the “Agreement”).

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Adicet Bio, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-22-026232

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