secwatch.observer — SEC 8-K summary
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Issuer:     Esperion Therapeutics, Inc. (ESPR)
CIK:        0001434868
Form:       8-K
Filed at:   2024-12-13T23:59:59+00:00
Accession:  0001104659-24-128212
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Esperion closes $150M term loan and $210M convertible debt exchange to refinance 2025 notes
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- Entered $150M senior secured term loan at 9.75% cash / 11.75% PIK, due Dec 2029, with minimum liquidity covenant of $50M.
- Exchanged ~$210.1M of 4% 2025 notes for $57.5M in new 5.75% notes due 2030 and $153.4M cash; ~$42.5M raised via subscription for new notes.
- New notes due 2030 have a conversion rate of 326.7974 shares/$1,000 (approx $3.06/share) and are redeemable from Dec 2027 at 130% threshold.
- Proceeds from term loan and subscription will fund cash portion of exchange and general corporate purposes.
- After closing, ~$54.9M of 2025 notes remain outstanding with unchanged terms.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1434868/000110465924128212/0001104659-24-128212-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1434868/000110465924128212/tm2430949d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-128212

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer