7th Oct 2022 10:30
(Alliance News) - Oxford Biomedica PLC on Friday said that it has completed the partial repayment and amendment of its Oaktree Capital Management LP loan facility, as it looks to extend its relationship with the US banking company further.
The Oxford, England-based gene and cell therapy group has refinanced the USD85.0 million secured 12-month loan facility from funds managed by Oaktree, previously announced in March 2022.
Under the terms of the refinancing, Oxford Biomedica said it had partially repaid the outstanding loan amounts and amended the facility into a new senior secured four-year term loan facility in a principal amount of USD50.0 million.
The amended loan has similar terms to the prior facility, including the usual and customary provisions relating to mandatory payments.
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.
Its variable interest rate is capped at 10.25% per annum and payable quarterly in cash, with up to 50% of interest for the first 12 months payable in kind as additional loan principal.
Oxford Biomedica also has the option for a three-year period to drawdown a further USD25.0 million from Oaktree to fund certain acquisitions.
"We are pleased to complete the refinancing of this loan, which will give us continued operational flexibility as we progress on delivering our strategic objectives," said chief financial officer, Stuart Paynter.
Oxford Biomedica shares were trading 3.4% higher at 354.00 pence each in London on Friday morning.
By Holly Beveridge; [email protected]
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