SWK Holdings Corp (SWKHL): debt financing — SWK Holdings closes $30M offering of 9.00% Senior Notes due 2027

SWK Holdings Corp

$30M aggregate principal of 9.00% Senior Notes due 2027 issued on Oct 3, 2023; underwriters have 30-day option for additional $4.5M.
Net proceeds approx. $28.3M after discounts, commissions and expenses.
Interest payable quarterly at 9% starting Dec 31, 2023; maturity Jan 31, 2027.
Notes are senior unsecured; redeemable at 102% after Sep 30, 2025, at 100% after Sep 30, 2026, with make-whole option before first call date.
Proceeds for general corporate purposes including acquisitions, debt repayment, capex, and working capital.

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

SWK Holdings Corp incurred senior notes of $30,000,000 in aggregate principal amount with Wilmington Trust, National Association at 9.00% per annum maturing January 31, 2027.

Instrument: senior notes
Principal: $30,000,000 in aggregate principal amount
Counterparty: Wilmington Trust, National Association
Rate: 9.00% per annum
Maturity: January 31, 2027
Event: incurrence

Exact text from the filing

On October 3, 2023, the Company completed the previously announced offering of $30,000,000 in aggregate principal amount of the Notes.

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

SWK Holdings Corp entered into First Supplemental Indenture with Wilmington Trust, National Association, as trustee valued at $30,000,000 (effective 2023-10-03).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association, as trustee
Value: $30,000,000
Effective: 2023-10-03

Exact text from the filing

The Notes were issued pursuant to the First Supplemental Indenture (the “First Supplemental Indenture”), dated as of October 3, 2023, between the Company and Wilmington Trust, National Association, as trustee (the “Trustee”).

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

SWK Holdings Corp entered into Underwriting Agreement with B. Riley Securities, Inc. as representative of the several underwriters valued at $30,000,000 (effective 2023-09-28).

Action: entry
Agreement: underwriting
Counterparty: B. Riley Securities, Inc. as representative of the several underwriters
Value: $30,000,000
Effective: 2023-09-28

Exact text from the filing

On September 28, 2023, SWK Holdings Corporation (the “Company”) entered into an Underwriting Agreement with B. Riley Securities, Inc. as representative (the “Representative”) of the several underwriters named therein (the “Underwriters”), providing for, among other things, the sale by the Company and the purchase by the Underwriters, acting severally and not jointly, of $30,000,000 in aggregate principal amount of the Company’s 9.00% Senior Notes due 2027 (the “Notes”).

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

SWK Holdings Corp entered into Base Indenture with Wilmington Trust, National Association, as trustee (effective 2023-10-03).

Action: entry
Agreement: notes offering
Counterparty: Wilmington Trust, National Association, as trustee
Effective: 2023-10-03

Exact text from the filing

The First Supplemental Indenture supplements the Indenture entered into by and between the Company and the Trustee, dated as of October 3, 2023 (the “Base Indenture” and, together with the First Supplemental Indenture, the “Indenture”).

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SWK Holdings Corp filing history →

Source: SEC EDGAR

accession 0001552781-23-000397

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