Verastem, Inc. (VSTM): debt financing — Verastem draws $15M Term B Loan from Oxford Finance facility

Verastem, Inc.

Drew $15M Term B Loan on March 22, 2023, after receiving at least $50M in equity proceeds.
Loan carries floating rate of SOFR (floor 0.13%) + 7.37%; interest payable monthly.
Repayment begins April 1, 2025; maturity March 1, 2027; final payment of 5% of original principal.
Prepayment fees range from 1% to 3% depending on timing; no financial covenants.
Total facility up to $150M; previous draw $25M, now total drawn $40M.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Verastem, Inc. incurred term loan of $15.0 million Term B Loan with Oxford Finance LLC and Oxford Finance Credit Fund III LP at the greater of (i) the one-month CME Secured Overnight Financing Rate and (ii) 0 maturing March 1, 2027.

Instrument: term loan
Principal: $15.0 million Term B Loan
Counterparty: Oxford Finance LLC and Oxford Finance Credit Fund III LP
Rate: the greater of (i) the one-month CME Secured Overnight Financing Rate and (ii) 0
Maturity: March 1, 2027
Event: incurrence

Exact text from the filing

On March 22, 2023, the Company elected to draw down the $15.0 million Term B Loan, having received at least $50.0 million in unrestricted cash proceeds from the sale or issuance of equity securities.

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Verastem, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-037143

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