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HLS Therapeutics Announces Updates to its Credit Agreement
HLS Therapeutics Announces Updates to its Credit Agreement Canada NewsWire ...
About this update from Hls Therapeutics, Inc.
[{"type":"text","content":"\n \n \n \n HLS Therapeutics Announces Updates to its Credit Agreement\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n Term is extended, borrowing capacity increases, financial flexibility improves, and interest rates remain relatively unchanged.\n \n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Aug. 14, 2023\n \n \n /CNW/ - HLS Therapeutics Inc. (\"HLS\" or the \"Company\") (TSX: HLS), a pharmaceutical company focusing on central nervous system and cardiovascular markets, announces an extension to its credit agreement, senior secured term loan, revolver facility and expansion facility (the \"Amended Agreement\") with a syndicate of leading bank lenders (the \"Syndicate\") led by JPMorgan Chase Bank as\n \n Admin Agent\n \n and Arranger, and TD Bank, as Documentation Agent, and that also includes National Bank of\n \n Canada\n \n , Canadian Western Bank, Royal Bank of\n \n Canada\n \n and ICICI Bank Canada. All dollar amounts are stated in U.S. currency.\n \n \n Under the terms of the Amended Agreement, the maturity date has been extended to\n \n August 11, 2026\n \n . In addition, total borrowing capacity increases. The remaining debt drawn on the prior revolving facility to fund a\n \n $10 million\n \n regulatory approval milestone in 2022 is being combined with the principal amount remaining on the secured term loan for a new senior secured term loan balance of\n \n $93.8 million\n \n at the time of closing of the Amended Agreement. In addition, there is a new revolving facility of\n \n $30.0 million\n \n and an expansion facility of up to\n \n $70.0 million\n \n through which the Company can access incremental loans to support growth opportunities. Finally, interest rates under the Amended Agreement are essentially unchanged at Adjusted SOFR +2.75% to +4.25%, depending on the net leverage of the Company over time.\n \n \n \"We'd like to thank JPMorgan and the entire syndicate for their ongoing support and collaboration, and we are pleased to welcome TD Bank and Canadian Western Bank as two new members of the lending g...