Omeros enters $92.1M term loan, repurchases $118.1M convertible notes at 74.75% of par, extinguishes $51M debt

OMEROS CORP

New $67.1M initial term loan funded June 3, 2024, plus $25M delayed draw available upon FDA approval of narsoplimab for TA-TMA.
Used $67.1M loan and $21.2M cash to repurchase $118.1M (55%) of 5.25% convertible notes due 2026, resulting in $51M debt extinguishment.
Non-dilutive transaction; no equity component. Loans mature June 3, 2028, with interest at SOFR (3% floor) + 8.75% per annum.
Credit agreement requires maintaining ≥$25M unrestricted cash; additional repurchases of 2026 notes permitted under limitations.
After repurchase, $97.9M of 2026 notes outstanding; Omeros retains flexibility to exchange up to $16.9M notes for cash and additional term loans.

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