Keenova Therapeutics plc: debt financing — Mallinckrodt skips interest on $1.025B notes, warns of possible Chapter 11

Keenova Therapeutics plc

Missed $650M 11.5% First Lien and $375M 10.0% Second Lien note interest due June 15, 2023.
Non-payment triggers 30-day grace period; event of default could accelerate all principal and interest.
Cross-default risk on first lien term loans and opioid settlement obligations if default not cured.
Board continues evaluating alternatives including Chapter 11 filing; no definitive decision made.
Made $16.5M payment to DOJ under Acthar Gel settlement despite liquidity constraints.

item 2.04 item 8.01

Key facts

Extracted from this filing and checked against the source text.

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

Keenova Therapeutics plc reported a default on senior notes of $375 million at 10.000% maturing due 2029.

Instrument: senior notes
Principal: $375 million
Rate: 10.000%
Maturity: due 2029
Event: default

Exact text from the filing

per annum, is payable semi-annually in cash on June 15 and December 15 of each year. The 2029 Second Lien Notes were originally issued in an aggregate principal amount of $375 million on the Effective Date by the Issuers , and are guaranteed by, and secured by liens (which are junior in priority to the liens securing the Company’s first lien

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

Keenova Therapeutics plc reported a default on senior notes of $650 million at 11.500% maturing due 2028.

Instrument: senior notes
Principal: $650 million
Rate: 11.500%
Maturity: due 2028
Event: default

Exact text from the filing

and (ii) 10.000% Second Lien Senior Secured Notes due 2029 (the “2029 Second Lien Notes”). The 2028 First Lien Notes were originally issued in an aggregate principal amount of $650 million on June 16, 2022 (the “Effective Date”), by Mallinckrodt International Finance S.A. (“MIFSA”) and Mallinckrodt CB LLC (together with MIFSA, the “Issuers”), each of which is a

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Source: SEC EDGAR

accession 0001104659-23-071379

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