HARROW, INC. (HROW): debt financing — Harrow secures $100M Oaktree credit facility, repays B. Riley loan

HARROW, INC.

New $100M secured interest-only loan from Oaktree; $65M drawn immediately to pay off B. Riley debt.
Interest rate = SOFR + 6.50%; maturity January 2026; secured by nearly all assets.
Up to $35M additional (Tranche B) available upon commercialization of Triesence.
No exit fees on B. Riley loan payoff; company paid $3.1M in fees and OID at closing.
Covenants include minimum cash and revenue; warrants possible only if 2024 leverage exceeds 5x, but not expected.

item 1.01 item 1.02 item 2.03 item 8.01 item 9.01

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

HARROW, INC. incurred credit facility of up to $100,000,000 with Oaktree Fund Administration, LLC, as administrative agent for the lenders at SOFR plus 6.5% per annum maturing January 19, 2026.

Instrument: credit facility
Principal: up to $100,000,000
Counterparty: Oaktree Fund Administration, LLC, as administrative agent for the lenders
Rate: SOFR plus 6.5% per annum
Maturity: January 19, 2026
Event: incurrence

Exact text from the filing

On March 27, 2023, Harrow Health, Inc. and certain of its affiliates (together, the “ Company ”) entered into a Credit and Guaranty Agreement (the “ Oaktree Loan ”) with Oaktree Fund Administration, LLC, as administrative agent for the lenders (together, “ Oaktree ”), providing for a loan to the Company with a principal amount of up to $100,000,000.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HARROW, INC. terminated B. Riley Loan with B. Riley Commercial Capital, LLC (effective 2022-12-14).

Action: termination
Agreement: credit facility
Counterparty: B. Riley Commercial Capital, LLC
Effective: 2022-12-14

Exact text from the filing

the Company drew a principal amount of $65,000,000 from the Oaktree Loan and used the net proceeds to repay all amounts owed by the Company pursuant to the Loan and Security Agreement the Company previously entered into with B. Riley Commercial Capital, LLC on December 14, 2022 (the “ B. Riley Loan ”). No remaining amounts are due under the B. Riley Loan

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HARROW, INC. entered into Oaktree Loan with Oaktree Fund Administration, LLC valued at up to $100,000,000 (effective 2023-03-27).

Action: entry
Agreement: credit facility
Counterparty: Oaktree Fund Administration, LLC
Value: up to $100,000,000
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, Harrow Health, Inc. and certain of its affiliates (together, the “ Company ”) entered into a Credit and Guaranty Agreement (the “ Oaktree Loan ”) with Oaktree Fund Administration, LLC, as administrative agent for the lenders (together, “ Oaktree ”), providing for a loan to the Company with a principal amount of up to $100,000,000.

View on SEC.gov

222 debt financings filed in the last 30 days. Browse all debt financings →

HARROW, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-009287

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