Business
Amendment of Short-Term Loan Facility
Amendment of Short-Term Loan Facility.
About this update from Oxford Biomedica Plc
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n \n \n \n Amendment of Short-Term Loan Facility into new Term Loan Facility With Oaktree\n \n \n \n - \n \n Partial repayment and amendment of $85 million Oaktree loan facility completed\n \n \n \n - \n \n Extended relationship with Oaktree via a new four-year term loan facility of $50 million with a variable interest rate capped at 10.25% per annum\n \n \n \n \n \n \n \n \n \n Oxford, UK - 7 October 2022: \n \n Oxford Biomedica plc (LSE:OXB) (\"Oxford Biomedica\" or \"the Company\"), a leading gene and cell therapy group, today announces that it has refinanced the US$85 million secured 12 month loan facility from funds managed by Oaktree Capital Management, L.P. (\"Oaktree\") (the \"Short Term Loan Facility\") previously announced in March 2022.\n \n \n Under the terms of such refinancing, the Company has partially repaid the outstanding amounts under the Short-Term Loan Facility and amended the facility into a new senior secured four year term loan facility provided by Oaktree in a principal amount of US$50 million (the \"Term Loan\").\n \n \n The amended Term Loan contains similar terms to the prior 12 month loan facility and includes the usual and customary provisions relating to mandatory prepayments, covenants and representations and warranties. The Term Loan will mature four years after the date of completion and will not amortise, with the full aggregate principal and outstanding amount being repayable on the final maturity date.\n \n \n The Term Loan will be secured by substantially all of the present and subsequently acquired assets of the Company and its wholly owned subsidiaries and be guaranteed by the Company's wholly-owned subsidiaries, with customary exceptions. The Term Loan carries a variable interest rate, which is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the firs...