Coherus Oncology, Inc. (CHRS): debt financing — Coherus enters $38.7M term loan and $37.5M royalty sale to repay $75M prior debt

Coherus Oncology, Inc.

New $38.7M senior secured term loan at 8.00% + 3M SOFR; matures May 8, 2029; interest-only quarterly.
Proceeds used to repay $75M prior loan from BioPharma Credit; prior loan terminated with prepayment fee and make-whole.
Entered royalty sale of mid-single-digit % of U.S. net sales of UDENYCA and LOQTORZI for $37.5M; buyer receives up to 2.25x purchase price.
Loan prepayment penalties: 10% in year 2, 5% in year 3, 0% after year 3; default interest adds 4%.
Loan secured by substantially all assets; financial covenant requires maintaining certain cash levels.

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

Coherus Oncology, Inc. incurred term loan of $38.7 million with Ankura Trust Company, LLC at 8.00% per annum, plus a three month SOFR rate maturing May 8, 2029.

Instrument: term loan
Principal: $38.7 million
Counterparty: Ankura Trust Company, LLC
Rate: 8.00% per annum, plus a three month SOFR rate
Maturity: May 8, 2029
Event: incurrence

Exact text from the filing

On May 8, 2024, Coherus BioSciences, Inc., a Delaware corporation (the “Company”), entered into a senior secured term loan facility of up to $38.7 million (the “Term Loan”), all to be funded on May 8, 2024 (the “Effective Date”), with Ankura Trust Company, LLC, as administrative agent

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Coherus Oncology, Inc. terminated Prior Loan Agreement valued at $75 million (effective 2024-05-08).

Action: termination
Agreement: credit facility
Value: $75 million
Effective: 2024-05-08

Exact text from the filing

In connection with the entry into the Loan Agreement, on the Effective Date, the Company repaid in full all outstanding indebtedness and terminated all commitments under the Prior Loan Agreement, the material terms of which have been disclosed previously.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.97

Coherus Oncology, Inc. entered into Revenue Purchase and Sale Agreement with Coduet Royalty Holdings, LLC, as administrative agent and each buyer named in an annex thereto valued at $37.5 million (effective 2024-05-08).

Action: entry
Agreement: asset purchase
Counterparty: Coduet Royalty Holdings, LLC, as administrative agent and each buyer named in an annex thereto
Value: $37.5 million
Effective: 2024-05-08

Exact text from the filing

On May 8, 2024, the Company entered into a revenue participation right purchase and sale agreement (the “Revenue Purchase and Sale Agreement”) with Coduet Royalty Holdings, LLC, as administrative agent and each buyer named in an annex thereto (collectively, the “Purchaser”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Coherus Oncology, Inc. entered into Loan Agreement with Ankura Trust Company, LLC, as administrative agent, and the lenders signatory thereto valued at $38.7 million (effective 2024-05-08).

Action: entry
Agreement: credit facility
Counterparty: Ankura Trust Company, LLC, as administrative agent, and the lenders signatory thereto
Value: $38.7 million
Effective: 2024-05-08

Exact text from the filing

On May 8, 2024, Coherus BioSciences, Inc., a Delaware corporation (the “Company”), entered into a senior secured term loan facility of up to $38.7 million (the “Term Loan”), all to be funded on May 8, 2024 (the “Effective Date”), with Ankura Trust Company, LLC, as administrative agent (in such capacity, the “Agent”), and the lenders signatory thereto (collectively, the “Lenders”).

View on SEC.gov

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

Coherus Oncology, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-24-007468

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