Novelion Therapeutics Subsidiary Enters Into Term Loan Agreement and Novelion Provides Business Update
Novelion Therapeutics (NASDAQ:NVLN), a biopharmaceutical company dedicated to developing new standards of care for individuals living with rare metabolic diseases, announced that its subsidiary, Aegerion Pharmaceuticals, after soliciting third party lenders, has entered into a new secured financing facility with certain funds managed by Athyrium Capital Management and Highbridge Capital Management. As quoted in the press release: The …
Novelion Therapeutics (NASDAQ:NVLN), a biopharmaceutical company dedicated to developing new standards of care for individuals living with rare metabolic diseases, announced that its subsidiary, Aegerion Pharmaceuticals, after soliciting third party lenders, has entered into a new secured financing facility with certain funds managed by Athyrium Capital Management and Highbridge Capital Management.
As quoted in the press release:
The facility consists of $50.0 million in new secured first lien term loans that were funded to Aegerion in cash and $22.5 million of new secured term loans that were used, on behalf of Aegerion, to retire an equal amount of Aegerion’s 2% convertible notes due August 2019, at par, held by certain funds managed by each of Athyrium and Highbridge. Additionally, approximately $21.2 million of the proceeds from the financing facility were used by Aegerion to repay in full the indebtedness outstanding under a secured loan facility entered into in March 2018, and $3.5 million of the proceeds from the financing facility were used to repay, in part, the existing secured loan facility made by Novelion to Aegerion. The remaining proceeds of approximately $25.3 million from the new secured financing facility, less approximately $3.5 million in fees and expenses required to be paid by Aegerion in connection with such facility, will be available to Aegerion for general corporate purposes.