Verona Pharma plc: debt financing — Verona Pharma secures up to $400M debt facility for planned launch of ensifentrine

Verona Pharma plc

Drew $50M at closing; additional $100M available upon FDA approval of ensifentrine (PDUFA June 26, 2024).
Up to $150M in two tranches subject to net sales milestones; $100M discretionary for strategic initiatives.
53-month interest-only period, then 7-month amortization; final payment fee 2.50%-3.50%.
Replaces existing $150M facility with Oxford; $20M outstanding repaid plus prepayment costs.
Non-dilutive capital to support commercial launch; lenders: Oxford Finance and Hercules Capital (HTGC).

item 1.01 item 1.02 item 2.03 item 7.01 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

Verona Pharma plc incurred term loan of $400.0 million with Oxford Finance LLC and funds managed by Oxford and Hercules Capital, Inc. at (a) the greater of (i) the 1-Month CME Term SOFR reference rate...and (ii) 5.34% maturing December 1, 2028.

Instrument: term loan
Principal: $400.0 million
Counterparty: Oxford Finance LLC and funds managed by Oxford and Hercules Capital, Inc.
Rate: (a) the greater of (i) the 1-Month CME Term SOFR reference rate...and (ii) 5.34%
Maturity: December 1, 2028
Event: incurrence

Exact text from the filing

On December 27, 2023 (the “Effective Date”), Verona Pharma, Inc. (the “Borrower”), a wholly-owned subsidiary of Verona Pharma plc (the “Company”), entered into a term loan facility of up to $400.0 million (the “Term Loan”), consisting of a term loan advance in an aggregate amount of $50.0 million funded on the Effective Date (the “Term A Loan”)

View on SEC.gov

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

Verona Pharma plc entered into Loan Agreement with Oxford Finance LLC, as collateral agent, and funds managed by Oxford and Hercules Capital, Inc. valued at up to $400.0 million (effective 2023-12-27).

Action: entry
Agreement: credit facility
Counterparty: Oxford Finance LLC, as collateral agent, and funds managed by Oxford and Hercules Capital, Inc.
Value: up to $400.0 million
Effective: 2023-12-27

Exact text from the filing

On December 27, 2023 (the “Effective Date”), Verona Pharma, Inc. (the “Borrower”), a wholly-owned subsidiary of Verona Pharma plc (the “Company”), entered into a term loan facility of up to $400.0 million (the “Term Loan”), consisting of a term loan advance in an aggregate amount of $50.0 million funded on the Effective Date (the “Term A Loan”), a term loan advance available subject to certain terms and conditions in an aggregate amount of $100.0 million (the “Term B Loan”), a term loan advance available subject to certain terms and conditions in an aggregate amount of $75.0 million (the “Term C Loan”), a term loan advance available subject to certain terms and conditions in an aggregate amount of $75.0 million (the “Term D Loan”) and a term loan advance available in the sole discretion of the lenders and subject to certain terms and conditions in an aggregate amount of $100.0 million (the “Term E Loan”), with Oxford Finance LLC, a Delaware limited liability company, as collateral agen

View on SEC.gov

283 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001104659-24-000015

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.