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DRI Healthcare Trust Announces US$54.8 Million Debt Repayment from CTI BioPharma Corp.
DRI Healthcare Trust Announces US$54.8 Million Debt Repayment from CTI BioPharma Corp. ...
About this update from Dri Healthcare Trust
[{"type":"text","content":"\n \n \n \n DRI Healthcare Trust Announces US$54.8 Million Debt Repayment from CTI BioPharma Corp.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n – Provides additional deployment capacity in pursuing attractive deals in high-quality pipeline –\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 26, 2023\n \n \n /CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (the \"Trust\"), a global leader in providing royalty financing to accelerate therapeutic innovation in the life sciences industry, announces that CTI BioPharma Corp. (\"CTI\") has prepaid all amounts outstanding under the credit facility it entered into with a wholly-owned subsidiary of the Trust, resulting in a\n \n US$54.8 million\n \n prepayment, including principal, accrued interest and fees. The Trust provided\n \n US$50 million\n \n in secured debt funding to CTI as part of the\n \n US$135 million\n \n VONJO\n \n TM\n \n transaction, announced on\n \n August 25, 2021\n \n .\n \n \n \n \n \n \n \n \n \n \"The capital from the repayment provides us with additional capacity to pursue attractive deals in our pipeline that will allow us to continue delivering value to our unitholders,\" said\n \n Behzad Khosrowshahi\n \n , Chief Executive Officer of the Trust.\n \n \n The loan prepayment was driven by Swedish Orphan Biovitrum's acquisition of CTI. As a result of the prepayment, the credit agreement between the Trust's wholly-owned subsidiary and CTI was terminated. The Trust maintains its royalty investment in VONJO\n \n TM\n \n pursuant to the purchase and sale agreement that was also announced on\n \n August 25, 2021\n \n .\n \n \n \n \n About DRI Healthcare Trust\n \n \n \n \n DRI Healthcare Trust is managed by DRI Capital Inc. (\"DRI Capital\"), the pioneer in global pharmaceutical royalty monetization with a more than 30-year history of accelerating innovation by providing capital to inventors, academic institutions and biopharma companies.­­ Since our founding in 1989, DRI Capital has deployed more than\...