secwatch.observer — SEC 8-K summary
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Issuer:     OMEROS CORP (OMER)
CIK:        0001285819
Form:       8-K
Filed at:   2024-06-03T23:59:59+00:00
Accession:  0001437749-24-018964
Event type: debt
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 2.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1285819/000143774924018964/0001437749-24-018964-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1285819/000143774924018964/omer20240531_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-018964

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer