Seres Therapeutics, Inc. (MCRB): debt financing — Seres receives Oaktree default notice over $28M Bacthera payment; $110M term loan at risk

Seres Therapeutics, Inc.

Received default notice from Oaktree alleging non-payment of ~$28M milestone to Bacthera; company disputes.
$110M outstanding under $250M term loan; interest at SOFR+7.875% (floor 2.5%, cap 5%), maturity April 2029.
Company believes no default occurred; intends to vigorously defend and pursue counterclaims if needed.
If default stands, debt could be accelerated and default interest rate of 2% per annum would apply.
Dispute hinges on whether Bacthera milestone is due and qualifies as 'Indebtedness' under credit agreement.

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

Seres Therapeutics, Inc. reported a default on term loan of $110.0 million currently outstanding with Oaktree Fund Administration, LLC at three-month term Secured Overnight Financing Rate (“SOFR”) (subject to a 2.50% f maturing April 27, 2029.

Instrument: term loan
Principal: $110.0 million currently outstanding
Counterparty: Oaktree Fund Administration, LLC
Rate: three-month term Secured Overnight Financing Rate (“SOFR”) (subject to a 2.50% f
Maturity: April 27, 2029
Event: default

Exact text from the filing

The Oaktree Credit Agreement establishes a term loan facility (the “Term Loan”) of up to $250.0 million with a maturity date of April 27, 2029 (the “Maturity Date”), of which $110.0 million is currently outstanding. Borrowings under the Term Loan bear interest at a rate per annum equal to the three-month term Secured Overnight Financing Rate (“SOFR”) (subject to a

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Seres Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-133298

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