Fortress Biotech enters $50M Oaktree loan, repays prior $50M, extends maturity to 2027

Fortress Biotech, Inc.

Borrowed $35M initially under new $50M senior secured credit agreement with Oaktree; eligible for additional $15M at lenders' discretion.
Interest rate of 3-month SOFR + 7.625% (2.50% floor, 5.75% cap); 30-month interest-only period, maturity July 25, 2027.
Repaid and terminated existing $50M loan due August 2025; issued warrants to purchase 506,390 shares at $2.0735 per share.
Covenants include minimum liquidity of $7M and Journey Medical minimum net sales of $50M trailing 12 months, tested quarterly.
Company cites potential for up to three regulatory approvals on NDAs/BLAs in next 12 months and possible fourth BLA filing in 2025.

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