---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-137743"
form_type: "8-K"
ticker: "APLS"
cik: "0001492422"
company_name: "Apellis Pharmaceuticals, Inc."
filed_at: "2024-05-14T23:59:59+00:00"
generated_at: "2026-06-02T00:41:33.572709+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Apellis closes $375M senior secured term loan; buys out SFJ Pharmaceuticals liability

## Summary
- Apellis entered $475M credit facility with Sixth Street; initial draw $375M; maturity May 2030 at SOFR+5.75% (1% floor).
- Proceeds used to buy out remaining SFJ Pharmaceuticals liability for ~$326M, eliminating $366M in future payments.
- Optional $100M draw available if SYFOVRE trailing 3-month sales ≥ $180M and $50M cash minimum met.
- Credit facility secured by substantially all assets including IP; liquidity covenant if market cap < $3B.
- No scheduled amortization; principal due at maturity; prepayment permitted with premium.

## SEC filing metadata
- accession: 0001193125-24-137743
- form_type: 8-K
- ticker: APLS
- cik: 0001492422
- company_name: Apellis Pharmaceuticals, Inc.
- filed_at: 2024-05-14T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1492422/000119312524137743/0001193125-24-137743-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1492422/000119312524137743/d819634d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-137743
- JSON: https://secwatch.observer/filing/0001193125-24-137743.json
- Plain text: https://secwatch.observer/filing/0001193125-24-137743.txt

## Key facts
- Debt Financings
  Apellis Pharmaceuticals, Inc. incurred term loan of up to $475 million with Sixth Street Lending Partners at 3-month Secured Overnight Financing Rate (SOFR) + 5.75% (subject to 1.00% floor) maturing May 13, 2030.
  - Instrument: term loan
  - Principal: up to $475 million
  - Counterparty: Sixth Street Lending Partners
  - Rate: 3-month Secured Overnight Financing Rate (SOFR) + 5.75% (subject to 1.00% floor)
  - Maturity: May 13, 2030
  - Event: incurrence
  source text: Street Lending Partners, as the administrative agent and collateral agent for the Lenders. The Financing Agreement provides for a senior secured term loan facility of up to $475 million (the “Credit Facility”), consisting of an initial draw of $375 million at closing and a potential additional $100 million draw at the Company’s option upon satisfaction of a $50
  evidence_url: https://www.sec.gov/Archives/edgar/data/1492422/000119312524137743/0001193125-24-137743-index.htm
- Material Agreements
  Apellis Pharmaceuticals, Inc. entered into Financing Agreement with Sixth Street Lending Partners valued at up to $475 million (effective 2024-05-13).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Sixth Street Lending Partners
  - Value: up to $475 million
  - Effective: 2024-05-13
  source text: On May 13, 2024 (the “Closing Date”), Apellis Pharmaceuticals, Inc. (the “Company”) entered into a financing agreement (the “Financing Agreement”) with the guarantors party thereto, the lenders party thereto (the “Lenders”), and Sixth Street Lending Partners, as the administrative agent and collateral agent for the Lenders. The Financing Agreement provides for a senior secured term loan facility of up to $475 million (the “Credit Facility”), consisting of an initial draw of $375 million at closing and a potential additional $100 million draw at the Company’s option upon satisfaction of a $50 million minimum cash requirement and a requirement that the Company’s trailing three-month sales of SYFOVRE were at least $180 million prior to the $100 million draw.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1492422/000119312524137743/0001193125-24-137743-index.htm

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