Dyax (DYAX) Enters $20M Loan, Refi Agreement
Dyax Corp. (Nasdaq: DYAX) has entered into a loan agreement with an affiliate of Cowen Healthcare Royalty Partners through which it has received an initial loan of $20 million and a commitment to refinance its existing debt with Cowen Royalty at a reduced interest rate in August 2012.
The initial loan of $20 million is unsecured and bears interest at an annual rate of 13% through August 2012 at which time it will be combined with a second loan tranche. The second tranche will be used to refinance the Company’s outstanding debt of approximately $56.7 million and will be made at 102% of the original principal amount. Together, the collective loan will be secured only by the Company’s phage display Licensing and Funded Research Program and will bear an interest rate of 12%. It will mature in August 2018 and can be repaid without penalty beginning in August 2015. Should the second tranche not be funded, the initial tranche will continue to bear interest at a rate of 13% and will mature on June 30, 2013.
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The initial loan of $20 million is unsecured and bears interest at an annual rate of 13% through August 2012 at which time it will be combined with a second loan tranche. The second tranche will be used to refinance the Company’s outstanding debt of approximately $56.7 million and will be made at 102% of the original principal amount. Together, the collective loan will be secured only by the Company’s phage display Licensing and Funded Research Program and will bear an interest rate of 12%. It will mature in August 2018 and can be repaid without penalty beginning in August 2015. Should the second tranche not be funded, the initial tranche will continue to bear interest at a rate of 13% and will mature on June 30, 2013.
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