Keenova Therapeutics plc: debt financing — Mallinckrodt enters forbearance on missed interest; $200M opioid payment extended to Aug 15

Keenova Therapeutics plc

Missed June 15 interest payments on 11.5% 2028 First Lien Notes and 10% 2029 Second Lien Notes triggered defaults.
Forbearance agreements signed July 16 with >75% of first-lien and majority of second-lien holders, plus lenders, through Aug 15.
Borrowed $100M under ABL credit facility on July 13; ABL margin increased 1% and availability capped at $100M.
Opioid Trust extended $200M deferred payment from July 21 to Aug 15; $450M already paid in June 2022.
Board has not determined ultimate path, including possible filing under U.S. Bankruptcy Code.

item 1.01 item 8.01 item 2.03 item 2.04 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 0.9

Keenova Therapeutics plc incurred credit facility of $100.0 million.

Instrument: credit facility
Principal: $100.0 million
Event: incurrence

Exact text from the filing

On July 13, 2023, ST US AR Finance LLC borrowed $100.0 million under the ABL Credit Agreement in order to maximize cash on hand.

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Source: SEC EDGAR

accession 0001104659-23-081484

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