Fortress Biotech, Inc. (FBIO): debt financing — Fortress Biotech amends credit agreement with Oaktree; extends maturity to June 2028, issues warrants

Fortress Biotech, Inc.

Maturity extended from July 2027 to June 30, 2028; $29.5M outstanding on $35M initial borrowing.
Principal repayment schedule set: 12.5% due Sep 30, 2027, 12.5% Dec 31, 2027, 37.5% Mar 31, 2028, 37.5% at maturity.
Journey Medical minimum net sales covenant raised: $60M (Dec 2025) to $80M (Dec 2026 and quarterly thereafter).
Warrants issued to lenders for 600k shares at $2.62/share, exercisable immediately, expiring July 25, 2031.
Covenant threshold: Minimum Net Sales Test waived if outstanding principal ≤ $10M.

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

Fortress Biotech, Inc. amended credit facility of up to $50.0 million with Oaktree Fund Administration, LLC maturing June 30, 2028.

Instrument: credit facility
Principal: up to $50.0 million
Counterparty: Oaktree Fund Administration, LLC
Maturity: June 30, 2028
Event: amendment

Exact text from the filing

Under the terms of the Amendment, the Loan’s maturity date was extended from July 25, 2027 to June 30, 2028.

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Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.9

Fortress Biotech, Inc. issued up to 600,000 shares of warrant to the lenders (Oaktree Fund Administration, LLC and lenders from time to time party thereto) for purchase price of $2.62 per share.

Security: warrant
Shares: up to 600,000 shares
Purchaser: the lenders (Oaktree Fund Administration, LLC and lenders from time to time party thereto)
Consideration: purchase price of $2.62 per share

Exact text from the filing

the Company granted warrants to the lenders to purchase up to 600,000 shares of the Company’s common stock, par value $0.001 per share (“ Common Stock ”), at a purchase price of $2.62 per share (the “ Warrants ”)

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

Fortress Biotech, Inc. entered into First Amendment to Credit Agreement with Oaktree Fund Administration, LLC valued at $35.0 million initial borrowing; maturity extended to June 30, 2028; principal repayment schedule in (effective 2025-12-12).

Action: entry
Agreement: credit facility
Counterparty: Oaktree Fund Administration, LLC
Value: $35.0 million initial borrowing; maturity extended to June 30, 2028; principal repayment schedule in
Effective: 2025-12-12

Exact text from the filing

On December 12, 2025, Fortress Biotech, Inc. (the “ Company ”), as borrower, entered into the First Amendment to Credit Agreement (the “ Amendment ”), which amends that certain Credit Agreement dated July 25, 2024 (the “ Agreement ”) with Oaktree Fund Administration, LLC, as the administrative agent (in such capacity, the “ Agent ”), and the lenders from time to time party thereto.

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

Fortress Biotech, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-25-121187

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