ARDELYX, INC. (ARDX): debt financing — Ardelyx draws $50M Term C Loan under existing SLR credit facility

ARDELYX, INC.

Received $50.0 million on March 1, 2024 as Term C Loan under 2022 Loan Agreement with SLR Investment Corp.
Loan matures March 1, 2027; interest rate of 4.25% plus 1-month CME Term SOFR (floor 4.7%).
Interest-only payments permitted until December 31, 2026.
Loan secured by cash and other collateral; customary events of default with 4% default interest.

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. incurred term loan of $50.0 million with SLR Investment Corp. as collateral agent and the lenders listed in the agreement at 4.25% plus a SOFR value equal to 0.022% plus the 1-month CME Term SOFR reference maturing March 1, 2027.

Instrument: term loan
Principal: $50.0 million
Counterparty: SLR Investment Corp. as collateral agent and the lenders listed in the agreement
Rate: 4.25% plus a SOFR value equal to 0.022% plus the 1-month CME Term SOFR reference
Maturity: March 1, 2027
Event: incurrence

Exact text from the filing

On March 1, 2024, Ardelyx, Inc. (the we, us, our) received $50.0 million of funding (Term C Loan) pursuant to the loan and security agreement entered into in February 2022 by and between us and SLR Investment Corp. as collateral agent (Agent) and the lenders listed in the agreement (collectively, the Lenders), and as amended in August 2022, February 2023 and October 2023 (collectively, the 2022 Loan Agreement).

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Source: SEC EDGAR

accession 0001628280-24-008908

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