Eagle Pharma extends credit-agreement financial-statement deadline to May 13; restrictions stay

EAGLE PHARMACEUTICALS, INC.

Second Amendment extends delivery of FY2023 audited and restated Q2/Q3 2023 financials to May 13, 2024.
Temporary restrictions (reduced availability to $50M, no negative covenant flexibility) continue until both annual and quarterly financials delivered.
Failure to meet deadline would result in an event of default, allowing lenders to accelerate ~$100M debt and foreclose on assets.
Company had previously waived minimum-liquidity covenant; remains in ongoing default waiver period under credit agreement.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

EAGLE PHARMACEUTICALS, INC. amended Second Amendment to Third Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (effective 2024-02-29).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
Effective: 2024-02-29

Exact text from the filing

On February 29, 2024 (the “Amendment Date”), Eagle Pharmaceuticals, Inc. (the “Company”), entered into a Second Amendment to Third Amended and Restated Credit Agreement (the “Second Amendment Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”), and the lenders party thereto (the “Lenders”), which amends the terms of (i) the Company’s Third Amended and Restated Credit Agreement, dated as of November 1, 2022

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Source: SEC EDGAR

accession 0001104659-24-029624

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