---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-035506"
form_type: "8-K"
ticker: "MDGL"
cik: "0001157601"
company_name: "MADRIGAL PHARMACEUTICALS, INC."
filed_at: "2025-07-22T23:59:59+00:00"
generated_at: "2026-05-18T04:07:54.954498+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Madrigal enters $500M credit facility with Blue Owl; $350M funded to repay debt and fund MASH pipeline

## Summary
- $350M initial term loan funded at close; $150M delayed draw available through Dec 2027.
- $121.6M used to repay existing Hercules Capital loan ($115M principal + fees), terminating that agreement.
- Interest at base rate + 3.75% or Term SOFR + 4.75% (with 1% SOFR floor); maturity July 2030.
- Uncommitted $250M incremental facility available by mutual consent for strategic expansion.
- Covenant requires minimum $100M unrestricted cash at all times; secured by substantially all assets.

## SEC filing metadata
- accession: 0001628280-25-035506
- form_type: 8-K
- ticker: MDGL
- cik: 0001157601
- company_name: MADRIGAL PHARMACEUTICALS, INC.
- filed_at: 2025-07-22T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1157601/000162828025035506/0001628280-25-035506-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1157601/000162828025035506/mdgl-20250717.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-035506
- JSON: https://secwatch.observer/filing/0001628280-25-035506.json
- Plain text: https://secwatch.observer/filing/0001628280-25-035506.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.