Axsome extends $350 million term loan with Hercules, reduces rate

Chicago, Jan. 9 – Axsome Therapeutics, Inc. amended for the third time its term loan facility with Hercules Capital on Monday, according to an 8-K filing with the Securities and Exchange Commission.

With the amendment, the principal amount was increased to $350 million from $300 million.

The maturity date was extended to Jan. 1, 2028, but if certain revenue targets are met the maturity date can be extended further to Jan. 1, 2029.

Interest will be the greater of 9.95% or Prime rate plus 220 basis points, a reduction.

The company must pay a facility fee equal to 75 bps of the principal actually funded.

Axsome is required to have more cash, $30 million under the amendment.

The term loan advance amounts have also been modified, specifically to change the tranche sizes and sub-tranche sizes.

The biopharmaceutical company is based in New York.

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