Centessa Pharmaceuticals Announces $300M Financing Agreement with Oberland Capital
Centessa Pharmaceuticals plc (discovering, developing and delivering medicines to patients) entered into a $300M financing agreement with funds managed by Oberland Capital Management. Oberland Capital will purchase up to $300M of 6-year, interest-only, senior secured notes from the company under the following terms; $75M funded October 4, 2021 (First Purchase Date); $125M available to be funded in tranches of $75 million and $50M within 24 months of First Purchase Date at the option of the company; $100M available to fund M&A, in-licensing, or other strategic transactions, at the option of the company and Oberland Capital; The notes are interest-only for the full 6-year term; principal on the notes will be due October 4, 2027, with certain contingent and capped payments due up to ten years from First Purchase Date; Flexible structure with no financial covenants. This facility enables to advance the company’s pipeline of clinical and pre-clinical programs and enables the company to pursue strategic business development opportunities.
- Nonconvertible Debt
- Private Placement
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