RVL Pharmaceuticals gets final approval of $17.5 million DIP facility

By Sarah Lizee

Olympia, Wash., Nov. 10 – RVL Pharmaceuticals plc subsidiary RevitaLid Pharmaceutical Corp. received final approval of a $17.5 million debtor-in-possession facility, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The financing is being provided by funds managed by Athyrium Capital Management, as previously reported.

Interest on the facility is one-month SOFR (subject to a 3% floor but without a credit spread adjustment) plus 950 basis points, payable in cash.

There is a 2.5% exit fee.

The facility is set to mature in six months.

Bridgewater, N.J.-based RVL Pharmaceuticals is a specialty pharmaceutical company focused on the commercialization of Upneeq, which is used for the treatment of acquired blepharoptosis, or droopy eyelid, in adults. The company filed bankruptcy on Oct. 12 under Chapter 11 case number 23-11704.

© 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.