Ardelyx secures up to $100M additional debt; $50M committed Term C loan drawable by Mar 2024

ARDELYX, INC.

Third Amendment adds $22.5M Term B loan (existing commitment) and $50M committed Term C loan drawable by March 15, 2024.
Uncommitted $50M Term D loan available through Dec 2026, subject to SLR investment committee approval.
Interest rates: Term A/B at SOFR + 7.95% (floor 1.00%); Term C/D at SOFR + 4.25% (floor 4.70%); maturity extended to March 1, 2027.
Interest-only period for existing tranches extended to Dec 31, 2026 upon drawing Term B loan; prepayment premiums: 3%/2%/1% declining.
Term B loan draw conditioned on FDA approval of tenapanor for hyperphosphatemia by Nov 30, 2023.

Key facts

Extracted from this filing and checked against the source text.

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

ARDELYX, INC. amended Third Amendment to Loan and Security Agreement with SLR Investment Corp. valued at $50 million (effective 2023-10-17).

Action: amendment
Agreement: credit facility
Counterparty: SLR Investment Corp.
Value: $50 million
Effective: 2023-10-17

Exact text from the filing

On October 17, 2023, Ardelyx, Inc. (the “Company”) entered into a Third Amendment to Loan and Security Agreement (the “Third Amendment”), by and among the Company, as borrower, SLR Investment Corp. (“SLR”), as collateral agent and the lenders party thereto, which amends the Company’s Loan and Security Agreement, dated February 23, 2022.

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ARDELYX, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-034587

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