Advertisement
Document › Details
Oxford Biomedica plc. (6/30/17). "Press Release: Oxford BioMedica Announces Refinancing of Debt Facility". London.
Oxford BioMedica plc (“Oxford BioMedica” or “the Group”) (LSE: OXB), a leading gene and cell therapy group, is pleased to announce it has today completed a new $55 million debt facility with Oaktree Capital Management – Strategic Credit Strategy (“Oaktree”). The facility has been used to redeem the existing debt facility.
The loan is repayable no later than 29 June 2020 although it may be repaid, at the Group’s discretion, at any time subject to early prepayment fees and an exit fee. The loan carries an interest rate of 9.0% plus US$ LIBOR, subject to a minimum of 1%. Subject to achieving certain conditions, the interest rate could reduce by 0.25% in the second year and a further 0.25% in the third year.
Under the agreement the Company will issue 134,351,226 warrants to Oaktree, equivalent to 4.4% of the enlarged Group’s share capital. These warrants are exercisable at the nominal share price of 1p and may be exercised at any time over the next ten years.
Assuming that the loan is repaid on the third anniversary and that the interest rate reductions described above are achieved, with US$ LIBOR at current rates the cost of the loan including all related fees will be around 11.5%, a significant reduction from the 15% cost of the existing facility.
The loan will be secured over all assets of the Group, including intellectual property. The terms also include financial covenants relating to the achievement of revenue targets and the requirement to hold a minimum of $5 million cash at all times. The $10 million cash ring-fenced in a separate bank account under the existing agreement will be released.
John Dawson, Chief Executive Officer of Oxford BioMedica, commented: “The new debt facility secured from Oaktree will be on significantly improved terms compared to the existing facility. This is a reflection of the strong progress we have made in growing our revenue-generating business, providing bioprocessing and process development services based on our world-leading LentiVector® delivery platform to partner companies including Novartis.”
This announcement contains inside information.
- Ends -
Notes to editors:
About Oxford BioMedica
Oxford BioMedica (LSE:OXB) is a leading gene and cell therapy group focused on developing life changing treatments for serious diseases. Oxford BioMedica and its subsidiaries (the “Group”) have built a sector leading lentiviral vector delivery platform (LentiVector®), which the Group leverages to develop in vivo and ex vivo products both in-house and with partners. The Group has created a valuable proprietary portfolio of gene and cell therapy product candidates in the areas of oncology, ophthalmology and CNS disorders. The Group has also entered into a number of partnerships, including with Novartis, Sanofi, GSK, Orchard Therapeutics and Immune Design, through which it has long-term economic interests in other potential gene and cell therapy products. Oxford BioMedica is based across several locations in Oxfordshire, UK and employs more than 250 people. Further information is available at www.oxfordbiomedica.co.uk.
For further information please contact:
Oxford BioMedica plc
John Dawson, Chief Executive Officer
Tim Watts, Chief Financial Officer
Tel: +44 (0)1865 783 000
Consilium Strategic Communications - Media Enquiries
Mary-Jane Elliott
Tel: +44 (0)20 3709 5700
Record changed: 2023-06-05 |
Advertisement
More documents for Oxford Biomedica (Group)
- [1] Oxford Biomedica plc. (9/20/23). "Press Release: Oxford Biomedica and Institut Mérieux Enter into Exclusive Negotiations with Respect to the Proposed Acquisition by Oxford Biomedica of ABL Europe". Oxford....
- [2] Oxford Biomedica plc. (12/22/22). "Press Release: Oxford Biomedica to Present at 41st Annual J.P. Morgan Healthcare Conference". Seattle, WA....
- [3] Oxford Biomedica plc. (12/14/22). "Press Release: Oxford Biomedica Solutions Forms New Partnerships with Three Biotechnology Companies". Oxford....
- [4] Oxford Biomedica plc. (11/22/22). "Press Release: Oxford Biomedica Appoints Dr Frank Mathias as Chief Executive Officer". Oxford....
- [5] Oxford Biomedica plc. (5/6/22). "Press Release: Oxford Biomedica Solutions Announces Novel Dual Plasmid Transfection System". Bedford, MA....
- [6] Oxford Biomedica plc. (3/11/22). "Press Release: Oxford Biomedica Broadens Its Viral Vector Capabilities with the Launch of Oxford Biomedica Solutions, a Full Scope AAV Business in Boston, Following Closing of Its Deal with Homology". Oxford....
- [7] Sio Gene Therapies Inc.. (1/31/22). "Press Release: Sio Gene Therapies Announces Prioritization of Lead Gene Therapy Programs in GM1 and GM2 Gangliosidosis, Extension of Cash Runway, and CEO Transition". New York, NY & Durham, NC....
- [8] Oxford Biomedica plc. (1/28/22). "Press Release: Oxford Biomedica Broadens Leading Viral Vector Offerings by Incorporating Homology Medicines’ Established AAV Capabilities into a Newly Formed AAV Manufacturing and Innovation Business in the US with Homo...
- [9] Oxford Biomedica plc. (7/15/21). "Press Release: Oxford Biomedica Appoints Dr. Michael Hayden as Non-Executive Director". Oxford....
- [10] Oxford Biomedica plc. (5/6/21). "Press Release: Oxford Biomedica Signs a New Three Year Development & Supply Agreement with Boehringer Ingelheim for the Manufacture and Supply of Viral Vectors". Oxford....
To subscribe to our free, monthly newsletter for the European life sciences, please send an e-mail to info@iito.de and simply fill the subject line with the word »LSE Newsletter«
Find more infos about advertising at [iito] web portals in our media flyer [iito] in a Nutshell [PDF file]
Please visit also our web portals for the life sciences in German-speaking Europe (DE, AT & CH) and the worldwide mass spectrometry industry at Life-Sciences-Germany.com (life sciences in German-speaking Europe) and Mass-Spec-Capital.com (worldwide mass spectrometry)
Advertisement
» top