ImmunoGen, Inc.: debt financing — ImmunoGen secures up to $175M non-dilutive term loan from Pharmakon; $75M drawn at close

ImmunoGen, Inc.

Initial tranche of $75M funded immediately; second tranche of $50M (expandable to $100M) contingent on MIRASOL trial data and ELAHERE sales threshold.
Loan matures April 2028; interest-only for 36 months (extendable 12 months), then ratable principal payments.
Interest rate: 3-month SOFR (floor 2.75%) + 8.00% per annum.
Proceeds used for general corporate and working capital; loan secured by substantially all assets except certain non-ELAHERE IP.
Goldman Sachs acted as financial advisor to ImmunoGen on the transaction.

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

ImmunoGen, Inc. incurred term loan of up to a $175 million senior secured term loan with BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (funds managed by Pharmakon Advisors, LP) at SOFR subject to a floor of 2.75% per annum, plus 8.00% per annum maturing April 6, 2028.

Instrument: term loan
Principal: up to a $175 million senior secured term loan
Counterparty: BioPharma Credit PLC, BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP (funds managed by Pharmakon Advisors, LP)
Rate: SOFR subject to a floor of 2.75% per annum, plus 8.00% per annum
Maturity: April 6, 2028
Event: incurrence

Exact text from the filing

On April 6, 2023, ImmunoGen, Inc. (the “Company”) entered into an agreement with BioPharma Credit PLC (the “Collateral Agent”), BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP (collectively, “Pharmakon”), and the guarantors party to such agreement (the “Loan Agreement”). The Loan Agreement provides for up to a $175 million senior secured term loan (the “Term Loan”) consisting of two tranches that matures on April 6, 2028.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

ImmunoGen, Inc. entered into Loan Agreement with BioPharma Credit PLC, BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP valued at up to $175 million senior secured term loan (effective 2023-04-06).

Action: entry
Agreement: credit facility
Counterparty: BioPharma Credit PLC, BPCR Limited Partnership, BioPharma Credit Investments V (Master) LP
Value: up to $175 million senior secured term loan
Effective: 2023-04-06

Exact text from the filing

On April 6, 2023, ImmunoGen, Inc. (the “Company”) entered into an agreement with BioPharma Credit PLC (the “Collateral Agent”), BPCR Limited Partnership and BioPharma Credit Investments V (Master) LP, which are funds managed by Pharmakon Advisors, LP (collectively, “Pharmakon”), and the guarantors party to such agreement (the “Loan Agreement”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001558370-23-005515

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