Alaunos Therapeutics amends SVB loan agreement; raises cash collateral requirement eases account covenant

Alaunos Therapeutics, Inc.

Third Amendment to Loan & Security Agreement, effective March 30, 2023.
Cash collateral requirement increased to full outstanding principal plus 5.75% Final Payment, from previous half sum.
Cash collateral will be reduced proportionally with each scheduled monthly principal and interest payment.
Operating accounts covenant relaxed: only one account required at SVB instead of all accounts.

Key facts

Extracted from this filing and checked against the source text.

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

Alaunos Therapeutics, Inc. amended Third Amendment with lenders party thereto and Silicon Valley Bank (SVB), a division of First-Citizens Bank & Trust Company (effective 2023-03-30).

Action: amendment
Agreement: credit facility
Counterparty: lenders party thereto and Silicon Valley Bank (SVB), a division of First-Citizens Bank & Trust Company
Effective: 2023-03-30

Exact text from the filing

Third Amendment to the Loan and Security Agreement Effective March 30, 2023, Alaunos Therapeutics, Inc. (the “Company”), as borrower, entered into a Third Amendment (the “Amendment”) to the Loan and Security Agreement, dated August 6, 2021, as previously amended (the “Original Agreement” and, as amended by the Amendment, the “Amended Agreement”), by and among the Company, the lenders party thereto and Silicon Valley Bank (“SVB”), a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to SVB)), as administrative agent and collateral agent.

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Alaunos Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-088948

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