secwatch.observer — SEC 8-K summary
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Issuer:     Coherus Oncology, Inc. (CHRS)
CIK:        0001512762
Form:       8-K
Filed at:   2024-05-09T23:59:59+00:00
Accession:  0001558370-24-007468
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Coherus enters $38.7M term loan and $37.5M royalty sale to repay $75M prior debt
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1512762/000155837024007468/0001558370-24-007468-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1512762/000155837024007468/chrs-20240508x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-007468

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