scPharmaceuticals Inc.: debt financing — scPharmaceuticals issues $10M promissory note to MannKind as bridge loan pending merger

scPharmaceuticals Inc.

Unsecured note for $10M issued to MannKind Corp. on Sept 23, 2025.
Interest at 9.00467% initially, tied to MannKind's SOFR loan rate plus margin.
Maturity on earliest of Sept 23, 2026, termination fee payment, or superior proposal close.
Loan is in connection with the Aug 24, 2025 Merger Agreement for MannKind to acquire scPharmaceuticals.
Covenants mirror existing Perceptive credit agreement; baskets for debt and liens increased 25%.

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

scPharmaceuticals Inc. incurred loan of $10.0 million with MannKind Corporation at interest rate applicable to Parent for SOFR Loans under the Credit Agreement; pr maturing September 23, 2026.

Instrument: loan
Principal: $10.0 million
Counterparty: MannKind Corporation
Rate: interest rate applicable to Parent for SOFR Loans under the Credit Agreement; pr
Maturity: September 23, 2026
Event: incurrence

Exact text from the filing

or “scPharmaceuticals”), issued an unsecured promissory note (the “Company Promissory Note”) to MannKind Corporation, a Delaware corporation (“Parent”) in exchange for a loan of $10.0 million by Parent to the Company. As previously disclosed, on August 24, 2025, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Parent and Seacoast

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Source: SEC EDGAR

accession 0001193125-25-214262

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