---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-125026"
form_type: "8-K"
ticker: "COLL"
cik: "0001267565"
company_name: "COLLEGIUM PHARMACEUTICAL, INC"
filed_at: "2025-12-30T23:59:59+00:00"
generated_at: "2026-05-16T11:57:43.811400+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Collegium closes $980M syndicated credit facility, repays Pharmakon loan

## Summary
- $980M total facility: $580M term loan, $300M delayed draw, $100M revolver; matures 2030.
- Initial term loan used to repay ~$581M of existing Pharmakon debt; previous facility was $646M.
- Interest rate SOFR + 2.75%–3.75% (initial 2.75%), expected to deliver meaningful annualized interest savings.
- Delayed draw and revolver undrawn at close; earmarked for general corporate purposes and M&A.
- Truist Bank administrative agent; bank syndicate includes Citizens, MUFG, Fifth Third, Huntington, U.S. Bank.

## SEC filing metadata
- accession: 0001104659-25-125026
- form_type: 8-K
- ticker: COLL
- cik: 0001267565
- company_name: COLLEGIUM PHARMACEUTICAL, INC
- filed_at: 2025-12-30T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 1.02, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1267565/000110465925125026/0001104659-25-125026-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1267565/000110465925125026/tm2534421d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-125026
- JSON: https://secwatch.observer/filing/0001104659-25-125026.json
- Plain text: https://secwatch.observer/filing/0001104659-25-125026.txt

## Key facts
- Material Agreements
  COLLEGIUM PHARMACEUTICAL, INC entered into Credit Agreement with Truist Bank, as administrative agent valued at $580,000,000 term loan, $300,000,000 of delayed draw term loan commitments, and a $100,000,000 revol (effective 2025-12-23).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Truist Bank, as administrative agent
  - Value: $580,000,000 term loan, $300,000,000 of delayed draw term loan commitments, and a $100,000,000 revol
  - Effective: 2025-12-23
  source text: On December 23, 2025, Collegium Pharmaceutical, Inc. (the “Company”) entered into a Credit Agreement by and among the Company, the lenders from time to time party thereto and Truist Bank, as administrative agent (the “Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1267565/000110465925125026/0001104659-25-125026-index.htm
- Material Agreements
  COLLEGIUM PHARMACEUTICAL, INC terminated Second Amended and Restated Loan Agreement with Biopharma Credit PLC, as collateral agent (effective 2025-12-23).
  - Action: termination
  - Agreement: credit facility
  - Counterparty: Biopharma Credit PLC, as collateral agent
  - Effective: 2025-12-23
  source text: On December 23, 2025, in connection with its entry into the Credit Agreement, the Company repaid in full all obligations outstanding under the Existing Credit Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1267565/000110465925125026/0001104659-25-125026-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.