ARDELYX, INC. (ARDX): debt financing — Ardelyx amends SLR loan; extends interest-only and draw deadlines conditional on FDA tenapanor decision

ARDELYX, INC.

Interest-only period extended to April 1, 2025 if FDA approves tenapanor hyperphosphatemia NDA by Nov 30, 2023 or 2023 revenue milestones met.
Draw period for additional $22.5M Term B Loan extended to Dec 20, 2023, tied to same FDA approval timeline.
Interest rate revised to 7.95% + greater of 1% or (0.022% + 1-month CME Term SOFR).
Amendment provides financial flexibility while awaiting FDA decision on tenapanor.

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

ARDELYX, INC. amended credit facility with SLR Investment Corp., as collateral agent, and the lenders listed on Schedule 1.1 to the Loan Agreement at 7.95% plus the greater of (a) one percent (1.00%) per annum and (b)(i) 0.022% pl.

Instrument: credit facility
Counterparty: SLR Investment Corp., as collateral agent, and the lenders listed on Schedule 1.1 to the Loan Agreement
Rate: 7.95% plus the greater of (a) one percent (1.00%) per annum and (b)(i) 0.022% pl
Event: amendment

Exact text from the filing

On February 9, 2023, we entered into a second amendment (the “Second Amendment”) to our loan and security agreement (the “Loan Agreement”) with SLR Investment Corp., as collateral agent (the “Agent”), and the lenders listed on Schedule 1.1 to the Loan Agreement (collectively the “Lenders”).

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

ARDELYX, INC. amended Second Amendment with SLR Investment Corp., as collateral agent, and the lenders listed on Schedule 1.1 to the Loan Agreement (effective 2023-02-09).

Action: amendment
Agreement: credit facility
Counterparty: SLR Investment Corp., as collateral agent, and the lenders listed on Schedule 1.1 to the Loan Agreement
Effective: 2023-02-09

Exact text from the filing

On February 9, 2023, we entered into a second amendment (the “Second Amendment”) to our loan and security agreement (the “Loan Agreement”) with SLR Investment Corp., as collateral agent (the “Agent”), and the lenders listed on Schedule 1.1 to the Loan Agreement (collectively the “Lenders”).

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ARDELYX, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-003565

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