Keenova Therapeutics plc: debt financing — Mallinckrodt misses $17M interest payment, default risk looms

Keenova Therapeutics plc

Company skipped ~$17M interest due June 20 on $1.728B first lien term loans.
Non-payment triggers 5-business-day grace period; event of default if uncured.
Default could accelerate term loans and cross-default ABL facility and opioid settlement.
Board evaluating capital options including possible bankruptcy filing.
Stakeholder discussions ongoing; no assurance of outcome.

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 credit facility of approximately $1,728 million with Deutsche Bank AG New York Branch.

Instrument: credit facility
Principal: approximately $1,728 million
Counterparty: Deutsche Bank AG New York Branch
Event: default

Exact text from the filing

York Branch, as collateral agent (the “Credit Agreement”), and provides for first lien senior secured term loan facilities with an aggregate principal amount of approximately $1,728 million (collectively, the “First Lien Senior Secured Term Loans”). The failure to make the Term Loan Interest Payment will constitute an event of default under the Credit Agreement

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Source: SEC EDGAR

accession 0001104659-23-072532

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