{"schema_version":"secwatch.filing_event.v1","accession":"0000950170-23-047013","form_type":"8-K","ticker":null,"cik":"0001445499","company_name":"IMPEL PHARMACEUTICALS INC","filed_at":"2023-09-07T23:59:59+00:00","discovered_at":"2026-05-14T18:03:33.961261+00:00","generated_at":"2026-06-10T22:42:03.051621+00:00","sec_items":["1.01","2.03","3.02","5.02","9.01"],"event_type":"debt","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Impel restructures debt with $121.5M amended credit facility, $0.01 warrants, director Shah resigns","bullets":["Total loan amount of ~$121.5M: $20M new tranche B term loans, $96.5M of existing debt exchanged, plus $5.0M forbearance fee.","Warrants for up to 4,749,800 shares of common stock at $0.01 per share; 1,781,175 issued at closing; 2,968,625 more contingent on additional tranche B draws.","Interest rate SOFR + 10.75% (PIK through Dec 31, 2023). First lien tranche B entitled to 2x multiple on invested capital.","Director Dr. Mahendra G. Shah resigned from board effective immediately; resignation not due to any disagreement.","Management Incentive Plan approved: 0.85% of net cash consideration in a corporate transaction allocated to specified executives."],"urls":{"canonical":"https://secwatch.observer/filing/0000950170-23-047013","json":"https://secwatch.observer/filing/0000950170-23-047013.json","markdown":"https://secwatch.observer/filing/0000950170-23-047013.md","text":"https://secwatch.observer/filing/0000950170-23-047013.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1445499/000095017023047013/0000950170-23-047013-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1445499/000095017023047013/impl-20230831.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T22:42:03.051621+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"f15563e91edae3e272ab30f619ce5d36634b1e1c","claim":"IMPEL PHARMACEUTICALS INC amended credit facility of approximately $121.5 million with Oaktree Fund Administration, LLC at SOFR + 10.75% maturing December 31, 2023.","evidence_excerpt":"the “Original Agreements”). The Amended Credit Agreement provides for an aggregate principal loan amount to the Company by the existing and new lenders of approximately $121.5 million, including up to $20 million in additional cash proceeds to the Company from the making of additional term loans, the exchange of approximately $96.5 million of outstanding","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1445499/000095017023047013/0000950170-23-047013-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"approximately $121.5 million"},{"label":"Counterparty","value":"Oaktree Fund Administration, LLC"},{"label":"Rate","value":"SOFR + 10.75%"},{"label":"Maturity","value":"December 31, 2023"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"3d7601ffb9","claim":"Dr. Mahendra G. Shah resigned as Director at IMPEL PHARMACEUTICALS INC.","evidence_excerpt":"On September 6, 2023, Dr. Mahendra G. Shah notified the Company that he is stepping down from the Board and all committees thereof, effective immediately.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1445499/000095017023047013/0000950170-23-047013-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"1cad5830ee702a680e62278b0b99abc76c101b15","claim":"IMPEL PHARMACEUTICALS INC amended Second Amendment to Credit Agreement and Guaranty and Revenue Interest Financing Agreement with Oaktree Fund Administration, LLC valued at $121,500,000 aggregate principal loan amount (effective 2023-09-05).","evidence_excerpt":"On September 5, 2023, Impel Pharmaceuticals Inc. (the “Company”) entered into the Second Amendment to Credit Agreement and Guaranty and Revenue Interest Financing Agreement (the “Amended Credit Agreement ”) with Oaktree Fund Administration, LLC as administrative agent, and the existing and new lenders party thereto (collectively, the “Secured Parties”), which amends the Company’s (i) Credit Agreement and Guaranty dated March 17, 2022, as amended on August 21, 2023, and (ii) the Revenue Interest Financing Agreement dated March 17, 2022, as amended on August 21, 2023 (the “ RIF Agreement”) (collectively, the “Original Agreements”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1445499/000095017023047013/0000950170-23-047013-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Oaktree Fund Administration, LLC"},{"label":"Value","value":"$121,500,000 aggregate principal loan amount"},{"label":"Effective","value":"2023-09-05"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}