secwatch.observer — SEC 8-K summary
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Issuer:     MADRIGAL PHARMACEUTICALS, INC. (MDGL)
CIK:        0001157601
Form:       8-K
Filed at:   2023-02-09T23:59:59+00:00
Accession:  0001193125-23-030281
Event type: debt
Sentiment:  positive
Materiality: 0.60
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Madrigal amends credit agreement: rate cut 150bps, extra $15M tranche, $35M draw
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- Borrowing cost reduced ~150bps to 10.2% as of Feb 3, 2023; interest-only now through May 1, 2025.
- Tranche 2 increased by $15M to $65M; $35M drawn immediately, up to $30M more available in two $15M tranches.
- Tranche 4 reduced by $15M to $60M (discretionary); total facility remains $250M, $85M now outstanding.
- Unvested warrants for 59,545 shares canceled; new warrants issued for 2,543 shares at $285.31 per share.
- Additional $15M Tranche 2 draw available by June 19, 2023; another $15M by Sep 30, 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1157601/000119312523030281/0001193125-23-030281-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1157601/000119312523030281/d457771d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-030281

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