Celcuity Inc. (CELC): debt financing — Celcuity closes $20M term loan from Innovatus under existing credit facility

Celcuity Inc.

Closed $20.0M Term B Loan on Dec 22, 2022; part of previously disclosed $75M facility.
Interest rate is greater of prime rate or 3.25% plus 5.70%; maturity April 8, 2027.
Interest-only payments until May 1, 2025 (or May 1, 2026 if conditions met); 4.95% PIK elected.
Innovatus can convert up to $6.6M of principal into common stock at $10.00 per share.
Loan is secured by all assets; proceeds for working capital and general business needs.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Celcuity Inc. incurred term loan of $20.0 million with Innovatus Life Sciences Lending Fund I, L.P. at at a rate equal to the sum of the greater of (i) the prime rate or (ii) 3.25%, p maturing April 8, 2027.

Instrument: term loan
Principal: $20.0 million
Counterparty: Innovatus Life Sciences Lending Fund I, L.P.
Rate: at a rate equal to the sum of the greater of (i) the prime rate or (ii) 3.25%, p
Maturity: April 8, 2027
Event: incurrence

Exact text from the filing

On December 22, 2022, Celcuity Inc. (the “Company”) closed on a $20.0 million term loan (the “Term B Loan”) from Innovatus Life Sciences Lending Fund I, L.P., a Delaware limited partnership (“Innovatus”), pursuant to a Loan and Security Agreement, dated April 8, 2021 (the “Loan Agreement”), as amended by that First Amendment to Loan and Security Agreement, dated August 9, 2022 (the “Amendment and collectively with the Loan Agreement, the “Amended Loan Agreement”).

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Celcuity Inc. filing history →

Source: SEC EDGAR

accession 0001493152-22-036496

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