---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-133298"
form_type: "8-K"
ticker: "MCRB"
cik: "0001609809"
company_name: "Seres Therapeutics, Inc."
filed_at: "2024-05-07T23:59:59+00:00"
generated_at: "2026-06-02T18:38:13.318730+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Seres receives Oaktree default notice over $28M Bacthera payment; $110M term loan at risk

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-133298
- form_type: 8-K
- ticker: MCRB
- cik: 0001609809
- company_name: Seres Therapeutics, Inc.
- filed_at: 2024-05-07T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.04
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1609809/000119312524133298/0001193125-24-133298-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1609809/000119312524133298/d833710d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-133298
- JSON: https://secwatch.observer/filing/0001193125-24-133298.json
- Plain text: https://secwatch.observer/filing/0001193125-24-133298.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1609809/000119312524133298/0001193125-24-133298-index.htm

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