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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Fortress Biotech, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-25-121187

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