Tarsus Pharmaceuticals, Inc. (TARS): debt financing — Tarsus secures $200M non-dilutive credit facility from Pharmakon; draws $75M initially

Tarsus Pharmaceuticals, Inc.

Initial $75M drawn April 19, 2024; used to repay Hercules Capital/SVB debt and for corporate purposes.
Additional $125M available in three tranches ($25M, $50M, $50M) through Dec 2025, subject to revenue milestones.
Interest at SOFR + 6.75% (3.75% floor); five-year interest-only, matures April 19, 2029.
No warrants or financial covenants; loan secured by substantially all assets.
Net proceeds ~$40M after repayment and fees; total committed capital from Pharmakon $200M.

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

Tarsus Pharmaceuticals, Inc. incurred term loan of $75 million with funds managed by Pharmakon Advisors LP, BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as collateral agent at 90-day average secured overnight financing rate ("SOFR"), plus a margin of 6.75% maturing April 19, 2029.

Instrument: term loan
Principal: $75 million
Counterparty: funds managed by Pharmakon Advisors LP, BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as collateral agent
Rate: 90-day average secured overnight financing rate ("SOFR"), plus a margin of 6.75%
Maturity: April 19, 2029
Event: incurrence

Exact text from the filing

The Loan Agreement provides for an initial term loan in the principal amount of $75 million (the "Tranche A Loan") which was funded on April 19, 2024 (the "Tranche A Closing Date").

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

Tarsus Pharmaceuticals, Inc. entered into Loan Agreement with funds managed by Pharmakon Advisors LP, BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as collateral agent valued at initial term loan in the principal amount of $75 million (effective 2024-04-19).

Action: entry
Agreement: credit facility
Counterparty: funds managed by Pharmakon Advisors LP, BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as collateral agent
Value: initial term loan in the principal amount of $75 million
Effective: 2024-04-19

Exact text from the filing

On April 19, 2024, Tarsus Pharmaceuticals, Inc., a Delaware corporation (the “Company”) entered into an agreement with funds managed by Pharmakon Advisors LP, BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership, as lenders, and BioPharma Credit PLC, as collateral agent for the lenders, and the guarantors party to such agreement (the “Loan Agreement”). The Loan Agreement provides for an initial term loan in the principal amount of $75 million

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Tarsus Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001819790-24-000050

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