Arcturus terminates $15M Western Alliance loan with $7.36M payoff, releases liens

Arcturus Therapeutics Holdings Inc.

Paid ~$7.36M from cash on hand to terminate Western Alliance Bank loan agreement on March 14, 2023.
Loan originally up to $15M with floating rate prime+1.25-2.75% and maturity October 30, 2023.
Payoff includes ~$7.02M principal/interest, $300K prepayment fee tied to prior FDA IND approval, and $35K prepayment charges.
All liens under the Western Alliance Agreement have been released.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Arcturus Therapeutics Holdings Inc. terminated Western Alliance Agreement with Western Alliance Bank valued at approximately $7.36 million (effective 2023-03-14).

Action: termination
Agreement: credit facility
Counterparty: Western Alliance Bank
Value: approximately $7.36 million
Effective: 2023-03-14

Exact text from the filing

On March 14, 2023, the Loan and Security Agreement, dated as of October 12, 2018 (as amended and supplemented, the “Western Alliance Agreement”) by and between Arcturus Therapeutics, Inc. (“Arcturus Therapeutics”), a wholly-owned subsidiary of Arcturus Therapeutics Holdings, Inc. (the “Company” and together with Arcturus Therapeutics, “Arcturus”), and Western Alliance Bank, an Arizona corporation (“Western Alliance”), was terminated (the “Termination”) upon the receipt by Western Alliance of a payoff amount of approximately $7.36 million from Arcturus.

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Arcturus Therapeutics Holdings Inc. filing history →

Source: SEC EDGAR

accession 0001193805-23-000356

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