Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Sorrento Therapeutics, Inc. incurred term loan of $20,000,000 (the "Base Amount") with Scilex Holding Company at 12.00% maturing September 30, 2023.
- Instrument
- term loan
- Principal
- $20,000,000 (the "Base Amount")
- Counterparty
- Scilex Holding Company
- Rate
- 12.00%
- Maturity
- September 30, 2023
- Event
- incurrence
Exact text from the filing
the Debtors executed that certain Debtor-in-Possession Term Loan Facility Summary of Terms and Conditions (the "Junior DIP Term Sheet") with Scilex, pursuant to which Scilex (or its designees or its assignees) will provide the Debtors with a non-amortizing super-priority junior secured term loan facility in an aggregate principal amount not to exceed the sum of (i) $20,000,000 (the "Base Amount"), plus (ii) the amount of the commitment fee and the funding fee, each equal to 1% of the Base Amount, plus (iii) the amount of the DIP Lender Holdback (as defined in the Interim DIP Order) (the "Junior DIP Facility"), subject to the terms and conditions set forth in the Junior DIP Term Sheet.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Sorrento Therapeutics, Inc. entered into Junior DIP Term Sheet with Scilex Holding Company valued at not to exceed $20 million (effective 2023-07-05).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Scilex Holding Company
- Value
- not to exceed $20 million
- Effective
- 2023-07-05
Exact text from the filing
On July 5, 2023, the Debtors executed that certain Debtor-in-Possession Term Loan Facility Summary of Terms and Conditions (the “Junior DIP Term Sheet”) with Scilex, pursuant to which Scilex (or its designees or its assignees) will provide the Debtors with a non-amortizing super-priority junior secured term loan facility in an aggregate principal amount not to exceed the sum of (i) $20,000,000
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