Aquestive Therapeutics, Inc. (AQST): debt financing — Aquestive issues $45M 13.5% senior notes due 2028; redeems $34M of 12.5% notes due 2025

Aquestive Therapeutics, Inc.

Issued $45M in 13.5% senior secured notes due November 1, 2028; net proceeds used to redeem $34M of existing 12.5% notes due 2025.
Principal repayments start June 30, 2026; no revenue or cash covenants and no warrants issued.
Royalty agreements grant note holders 1%-2% tiered royalty on net sales of Anaphylm (epinephrine sublingual film) for 8 years from first global sale.
CEO states refinancing reduces principal and interest payments by approximately $28M through June 2025, removing near-term financial overhang.
Morgan Stanley acted as sole placement agent; notes sold to qualified institutional buyers via private placement.

item 1.01 item 1.02 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Aquestive Therapeutics, Inc. incurred senior notes of $45 million aggregate principal amount with purchasers named therein at 13.5% per annum maturing November 1, 2028.

Instrument: senior notes
Principal: $45 million aggregate principal amount
Counterparty: purchasers named therein
Rate: 13.5% per annum
Maturity: November 1, 2028
Event: incurrence

Exact text from the filing

On November 1, 2023 (the “Closing Date”), Aquestive Therapeutics, Inc. (the “Company”) entered into purchase agreements (the “Purchase Agreements”) with the purchasers named therein (the “Purchasers”), in substantially identical forms, pursuant to which the Company agreed to issue and sell the $45 million aggregate principal amount of its 13.5% senior secured notes due 2028 (the “Notes”) to the Purchasers (the “Offering”).

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

Aquestive Therapeutics, Inc. entered into Purchase Agreements with purchasers named therein valued at $45 million aggregate principal amount of its 13.5% senior secured notes due 2028 (effective 2023-11-01).

Action: entry
Agreement: notes offering
Counterparty: purchasers named therein
Value: $45 million aggregate principal amount of its 13.5% senior secured notes due 2028
Effective: 2023-11-01

Exact text from the filing

On November 1, 2023 (the “Closing Date”), Aquestive Therapeutics, Inc. (the “Company”) entered into purchase agreements (the “Purchase Agreements”) with the purchasers named therein (the “Purchasers”), in substantially identical forms, pursuant to which the Company agreed to issue and sell the $45 million aggregate principal amount of its 13.5% senior secured notes due 2028 (the “Notes”) to the Purchasers (the “Offering”).

View on SEC.gov

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

Aquestive Therapeutics, Inc. entered into Collateral Agreement with Collateral Agent, the Trustee and the other grantors from time to time party thereto (effective 2023-11-01).

Action: entry
Counterparty: Collateral Agent, the Trustee and the other grantors from time to time party thereto
Effective: 2023-11-01

Exact text from the filing

the Company entered into a collateral agreement, dated as of the Closing Date, with the Collateral Agent, the Trustee and the other grantors from time to time party thereto (the “Collateral Agreement”).

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

Aquestive Therapeutics, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at $45 million aggregate principal amount of its 13.5% senior secured notes due 2028 (effective 2023-11-01).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $45 million aggregate principal amount of its 13.5% senior secured notes due 2028
Effective: 2023-11-01

Exact text from the filing

on the Closing Date, the Company entered into an indenture (the “Indenture”) governing the Notes with U.S. Bank Trust Company, National Association, a national banking association, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”).

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

Aquestive Therapeutics, Inc. entered into Royalty Right Agreements with purchasers named therein valued at tiered royalty between 1.0% and 2.0% of annual worldwide net sales (effective 2023-11-01).

Action: entry
Counterparty: purchasers named therein
Value: tiered royalty between 1.0% and 2.0% of annual worldwide net sales
Effective: 2023-11-01

Exact text from the filing

the Company entered into royalty right agreements (the “Royalty Right Agreements”) with the purchasers named therein (the “Royalty Right Purchasers”), in substantially identical forms.

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Aquestive Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-051010

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