MindMed enters up to $50M term loan with K2 HealthVentures; first tranche of $15M funded

Definium Therapeutics, Inc.

Loan Agreement with K2 HealthVentures provides term loans up to $50M; initial $15M drawn on Aug 11, 2023.
Additional $20M available upon clinical/regulatory milestones; up to $15M more at lenders' discretion.
Term loan matures Aug 1, 2027; interest rate = greater of 10.95% or Prime + 2.95%.
Lenders may convert up to $4M of principal into common shares at $4.01 per share; conversion capped at 9.985% beneficial ownership.
Proceeds for working capital and general corporate purposes; loan secured by 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

Definium Therapeutics, Inc. entered into Loan and Security Agreement with K2 HealthVentures LLC, as administrative agent and Canadian collateral agent, and the lenders referred to therein valued at $50.0 million in term loans (effective 2023-08-11).

Action: entry
Agreement: credit facility
Counterparty: K2 HealthVentures LLC, as administrative agent and Canadian collateral agent, and the lenders referred to therein
Value: $50.0 million in term loans
Effective: 2023-08-11

Exact text from the filing

On August 11, 2023 (the “Closing Date”), Mind Medicine (MindMed) Inc. (the “Company”) and certain of its subsidiaries party thereto, as co-borrowers (together with the Company, the “Borrowers”), entered into a Loan and Security Agreement (the “Loan Agreement”) with the lenders referred to therein (the “Lenders”), K2 HealthVentures LLC (“K2HV”), as administrative agent and Canadian collateral agent for the Lenders, and Ankura Trust Company, LLC, as collateral trustee for the Lenders.

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Source: SEC EDGAR

accession 0000950170-23-042086

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