secwatch.observer — SEC 8-K summary
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Issuer:     MADRIGAL PHARMACEUTICALS, INC. (MDGL)
CIK:        0001157601
Form:       8-K
Filed at:   2025-07-22T23:59:59+00:00
Accession:  0001628280-25-035506
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1157601/000162828025035506/0001628280-25-035506-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1157601/000162828025035506/mdgl-20250717.htm
  HTML page:      https://secwatch.observer/filing/0001628280-25-035506

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer