Celularity Inc (CELU): debt financing — Celularity enters $6M senior secured loan (12.5% interest) with board-affiliated lender; matures June 14, 2023

Celularity Inc

Loan principal $6M, net $5.88M after 2% OID; proceeds used to pay Yorkville under pre-paid advance agreement.
Interest 12.5% per annum; first-year interest paid in kind, not cash.
Lender Resorts World Inc is affiliate of board member Lim Kok Thay.
Loan secured by all assets, pari passu with C.V. Starr; covenant requires cash >= $3M at all times.
Maturity only 29 days from closing (June 14, 2023), indicating urgent short-term financing.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Celularity Inc incurred loan of $6.0 million net of an original issue discount of $120,000 with Resorts World Inc Pte Ltd at 12.5% per year maturing June 14, 2023.

Instrument: loan
Principal: $6.0 million net of an original issue discount of $120,000
Counterparty: Resorts World Inc Pte Ltd
Rate: 12.5% per year
Maturity: June 14, 2023
Event: incurrence

Exact text from the filing

On May 16, 2023, Celularity Inc., or Celularity, entered into a senior secured loan agreement with Resorts World Inc Pte Ltd, or RWI, providing for a loan in the aggregate principal amount of $6.0 million net of an original issue discount of $120,000, which bears interest at a rate of 12.5% per year, with the first year of interest being paid in kind on the last day of each month, and matures June 14, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Celularity Inc entered into senior secured loan agreement with Resorts World Inc Pte Ltd valued at $6.0 million (effective 2023-05-16).

Action: entry
Agreement: credit facility
Counterparty: Resorts World Inc Pte Ltd
Value: $6.0 million
Effective: 2023-05-16

Exact text from the filing

On May 16, 2023, Celularity Inc., or Celularity, entered into a senior secured loan agreement with Resorts World Inc Pte Ltd, or RWI, providing for a loan in the aggregate principal amount of $6.0 million net of an original issue discount of $120,000, which bears interest at a rate of 12.5% per year, with the first year of interest being paid in kind on the last day of each month, and matures June 14, 2023.

View on SEC.gov

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Celularity Inc filing history →

Source: SEC EDGAR

accession 0000950170-23-022503

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