Keenova Therapeutics plc: debt financing — Mallinckrodt enters $250M DIP loan, draws $150M; shares delisted to OTC under MNKTQ

Keenova Therapeutics plc

Entered $250M superpriority DIP term loan; initial draw of $150M on Sept 8, 2023; $100M available upon final court order.
Interest at SOFR + 8% (1% floor); 12% backstop commitment fee paid in kind by increasing DIP loan principal.
Proceeds fund working capital and corporate purposes per approved budget during Chapter 11 proceedings.
Ordinary shares delisted from NYSE American on Sept 6, 2023; now trade OTC under symbol MNKTQ.
DIP matures 12 months post-petition or upon plan effective date, unless converted to new takeback term loans.

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 $250 million with Acquiom Agency Services LLC and Seaport Loan Products LLC, as co-administrative agents at SOFR plus 8.00% maturing the earliest of: (a) the date that is 12 months after the Petition Date....

Instrument: credit facility
Principal: $250 million
Counterparty: Acquiom Agency Services LLC and Seaport Loan Products LLC, as co-administrative agents
Rate: SOFR plus 8.00%
Maturity: the earliest of: (a) the date that is 12 months after the Petition Date...
Event: incurrence

Exact text from the filing

On September 8, 2023, the Company, the DIP Borrowers and the other parties thereto entered into the DIP Credit Agreement, which provides the following: · The DIP Lenders will provide a priming, senior secured, super-priority debtor-in-possession term loan facility in the aggregate principal amount (exclusive of capitalized fees) of $250 million

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Keenova Therapeutics plc entered into Senior Secured Debtor-In-Possession Credit Agreement with Acquiom Agency Services LLC and Seaport Loan Products LLC, as co-administrative agents, and Acquiom Agency Services LLC, as collateral agent valued at $250 million (effective 2023-09-08).

Action: entry
Agreement: credit facility
Counterparty: Acquiom Agency Services LLC and Seaport Loan Products LLC, as co-administrative agents, and Acquiom Agency Services LLC, as collateral agent
Value: $250 million
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023, the Company, the DIP Borrowers and the other parties thereto entered into the DIP Credit Agreement, which provides the following: · The DIP Lenders will provide a priming, senior secured, super-priority debtor-in-possession term loan facility in the aggregate principal amount (exclusive of capitalized fees) of $250 million

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-23-099695

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