iBio amends credit agreement: maturity extended to March 29, 2024, rate cut to 4.5%

iBio, Inc.

Maturity extended from Dec 31, 2023 to earlier of March 29, 2024 or acceleration of term loan.
Interest rate reduced from 5.25% to 4.5%; payment-in-kind increased from 3% to 4.5%.
Borrower must maintain minimum $900K reserve; best efforts to sell cGMP manufacturing facility before maturity.
Woodforest fee increased by $10,000 to $155,000, payable at sale closing or maturity date.
Amendment provides additional flexibility to complete divestiture of CDMO business and advance AI immunotherapy platform.

item 1.01 item 2.03 item 7.01 item 9.01

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

iBio, Inc. amended Eighth Amendment with Woodforest National Bank (effective 2023-12-22).

Action: amendment
Agreement: credit facility
Counterparty: Woodforest National Bank
Effective: 2023-12-22

Exact text from the filing

On December 22, 2023, iBio CDMO LLC (“Borrower”), a wholly owned subsidiary of iBio, Inc. (the “Company”) and Woodforest National Bank (“Woodforest”) entered into the Eighth Amendment (the “Eight Amendment”) to the Credit Agreement

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iBio, Inc. filing history →

Source: SEC EDGAR

accession 0001420720-23-000072

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