secwatch.observer — SEC 8-K summary
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Issuer:     Apellis Pharmaceuticals, Inc. (APLS)
CIK:        0001492422
Form:       8-K
Filed at:   2024-05-14T23:59:59+00:00
Accession:  0001193125-24-137743
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1492422/000119312524137743/0001193125-24-137743-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1492422/000119312524137743/d819634d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-137743

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