---
schema_version: "secwatch.filing_event.v1"
accession: "0001293971-24-000006"
form_type: "8-K"
ticker: null
cik: "0001293971"
company_name: "bluebird bio, Inc."
filed_at: "2024-03-18T23:59:59+00:00"
generated_at: "2026-06-04T14:38:02.567952+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# bluebird bio secures up to $175M loan facility from Hercules Capital; $75M funded at close

## Summary
- Initial $75M term loan funded; additional tranches of $25M, $25M, and $50M available subject to milestones.
- Interest rate: Prime Rate + 1.45% cash (floor 9.95%) plus 2.45% paid-in-kind; interest-only until April 2027/2028.
- Warrants issued for 5% of each tranche (initially $3.75M worth) with 7-year term, exercisable at VWAP.
- Financial covenants include Qualified Cash >= 40% of outstanding loans and product revenue test starting Q3 2024.
- Product revenue covenant tied to LYFGENIA, ZYNTEGLO, SKYSONA sales; can be waived under certain cash or market cap conditions.

## SEC filing metadata
- accession: 0001293971-24-000006
- form_type: 8-K
- cik: 0001293971
- company_name: bluebird bio, Inc.
- filed_at: 2024-03-18T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1293971/000129397124000006/0001293971-24-000006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1293971/000129397124000006/blue-20240315.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001293971-24-000006
- JSON: https://secwatch.observer/filing/0001293971-24-000006.json
- Plain text: https://secwatch.observer/filing/0001293971-24-000006.txt

## Key facts
- Debt Financings
  bluebird bio, Inc. incurred term loan of $75.0 million with Hercules Capital, Inc. (as administrative agent) at Prime Rate plus 1.45% or 9.95%, plus 2.45% paid-in-kind maturing April 1, 2029.
  - Instrument: term loan
  - Principal: $75.0 million
  - Counterparty: Hercules Capital, Inc. (as administrative agent)
  - Rate: Prime Rate plus 1.45% or 9.95%, plus 2.45% paid-in-kind
  - Maturity: April 1, 2029
  - Event: incurrence
  source text: On March 15, 2024, bluebird bio, Inc. (the “Company”) entered into a Loan and Security Agreement (the “LSA”), by and among the Company, the several banks and other financial institutions or entities party thereto, as lenders, and Hercules Capital, Inc., as administrative agent and collateral agent. The LSA provides a secured term loan facility of up to $175.0 million (collectively, the “Term Loans”), consisting of: (a) an initial tranche of term loans in an aggregate amount of $75.0 million, which was funded at closing (the “Initial Loan”);
  evidence_url: https://www.sec.gov/Archives/edgar/data/1293971/000129397124000006/0001293971-24-000006-index.htm
- Material Agreements
  bluebird bio, Inc. entered into Loan and Security Agreement with Hercules Capital, Inc., as administrative agent and collateral agent, and the several banks and other financial institutions or entities party thereto as lenders valued at $175.0 million (effective 2024-03-15).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Hercules Capital, Inc., as administrative agent and collateral agent, and the several banks and other financial institutions or entities party thereto as lenders
  - Value: $175.0 million
  - Effective: 2024-03-15
  source text: On March 15, 2024, bluebird bio, Inc. (the “Company”) entered into a Loan and Security Agreement (the “LSA”), by and among the Company, the several banks and other financial institutions or entities party thereto, as lenders, and Hercules Capital, Inc., as administrative agent and collateral agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1293971/000129397124000006/0001293971-24-000006-index.htm

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