Instil Bio subsidiary closes $85.6M term loan at 6.35% to refinance property debt

Instil Bio, Inc.

Loan from Midland National Life Insurance Co., fixed 6.35% interest-only, 2-year term with 1-year extension option.
Proceeds used to repay all construction loans secured by Tarzana, CA facility (original June 2022 agreements).
Loan secured by first mortgage on property; generally non-recourse but with customary carveouts and full recourse for bankruptcy or unauthorized transfers.
Financial covenants: consolidated net worth ≥ $50M (excl. property) and minimum liquidity of $17.1M.
Prepayment penalty within first 12 months (make-whole); no penalty after.

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