PTC THERAPEUTICS, INC. (PTCT): debt financing — PTC Therapeutics secures up to $1B financing from Blackstone with $350M at close

PTC THERAPEUTICS, INC.

Initial $350M at close: $300M senior secured term loan (7.25%+SOFR, 7-yr) and $50M common stock at $45.65/share.
Additional $150M delayed draw debt available for 18 months; potential $500M further financing for BD.
Collateral includes Translarna, Emflaza, Upstaza, sepiapterin, and vatiquinone assets.
Standstill restrictions on Blackstone; 90-day lock-up on stock; registration rights for resale.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.4

PTC THERAPEUTICS, INC. incurred credit facility of up to $950.0 million with Blackstone at adjusted Term SOFR rate plus seven and a quarter percent (7.25%) or the Base Rat maturing seven years from the Closing Date.

Instrument: credit facility
Principal: up to $950.0 million
Counterparty: Blackstone
Rate: adjusted Term SOFR rate plus seven and a quarter percent (7.25%) or the Base Rat
Maturity: seven years from the Closing Date
Event: incurrence

Exact text from the filing

Debt Facility On October 27, 2022 (the “Closing Date”), PTC Therapeutics, Inc. (the “Company”) entered into a credit agreement (the “Credit Agreement”) for fundings of up to $950.0 million consisting of a committed loan facility of $450.0 million and further contemplating the potential for up to $500.0 million of additional financing, to the extent that the Company

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

PTC THERAPEUTICS, INC. entered into Stock Purchase Agreement with certain entities affiliated with the Lenders (the “Purchasers”) valued at approximately $50.0 million (effective 2022-10-27).

Action: entry
Agreement: equity purchase
Counterparty: certain entities affiliated with the Lenders (the “Purchasers”)
Value: approximately $50.0 million
Effective: 2022-10-27

Exact text from the filing

the Company and certain entities affiliated with the Lenders (the “Purchasers”) also entered into a stock purchase agreement on the Closing Date (the “Stock Purchase Agreement”) for the sale and issuance of 1,095,290 shares of common stock (the “Shares”) to the Purchasers at a price of $45.65 per share, for an aggregate purchase price of approximately $50.0 million

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

PTC THERAPEUTICS, INC. entered into Credit Agreement with funds and other affiliated entities advised or managed by Blackstone Life Sciences Advisors L.L.C. and Blackstone Alternative Credit Advisors LP valued at up to $950.0 million (effective 2022-10-27).

Action: entry
Agreement: credit facility
Counterparty: funds and other affiliated entities advised or managed by Blackstone Life Sciences Advisors L.L.C. and Blackstone Alternative Credit Advisors LP
Value: up to $950.0 million
Effective: 2022-10-27

Exact text from the filing

On October 27, 2022 (the “Closing Date”), PTC Therapeutics, Inc. (the “Company”) entered into a credit agreement (the “Credit Agreement”) for fundings of up to $950.0 million consisting of a committed loan facility of $450.0 million and further contemplating the potential for up to $500.0 million of additional financing

View on SEC.gov

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PTC THERAPEUTICS, INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-112002

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