Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers L > Headlines for Lysogene SA > News item |
Lysogene enters €15 million loan agreement with European Investment Bank
By Mary-Katherine Stinson
Lexington, Ky., Dec. 30 – Lysogene SA entered a €15 million loan agreement with the European Investment Bank on Friday, according to a company announcement.
The proceeds will be used to accelerate the company’s gene therapy platform.
The company will receive the loan in three tranches.
The first tranche consists of a €3 million unconditional drawdown with two additional tranches of €5 million and €7 million available upon the completion of pre-defined milestones.
It will carry a decreasing fixed interest rate according to the tranche and specific associated maturity, with the first tranche at 8% with a five-year maturity.
Supplemental agreements establish the right to issue warrants to the bank, with the number varying according to tranche and the share price.
Each warrant gives the right to subscribe to one ordinary share of Lysogene at the subscription price of €0.01 and at the exercise price calculated based on a volume weighted average of the 30 days previous to pricing with a discount of 5%.
The warrants have a 20-year maturity and can be exercised five years after the drawdown of the first tranche or upon the occurrence of certain events.
The loan also includes an exercise parity adjustment clause which could apply under certain conditions.
At the maturity of the first tranche or upon certain events, the bank will be given the option to sell its warrants to Lysogene for their intrinsic value as an alternative to the exercising of the warrants.
The loan was received under the EIB’s European Guarantee Fund, under a venture debt program under the Pan-European Guarantee Fund which supports European businesses negatively impacted by Covid-19.
Kepler Cheuvreux acted as the exclusive adviser to Lysogene on the deal.
Lysogene SA is a biopharmaceutical gene therapy company based in Neuilly-sur-Seine, France.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.