Date: 2015-12-22
Type of information: Private placement
Company: Merrimack Pharmaceuticals (USA - MA)
Investors:
Amount: $175 million
Funding type: private placement
Planned used: Merrimack intends to use a portion of the net proceeds to repay all outstanding obligations under its loan and security agreement, as amended, with Hercules Technology Growth Capital, Inc. Merrimack intends to use the remaining net proceeds for working capital and other general corporate purposes.
Others: * On December 22, 2015, Merrimack Pharmaceuticals announced the closing of a private placement of $175 million in aggregate principal amount of its senior secured notes due 2022. The Notes were sold only to qualified institutional buyers within the meaning of Rule 144A under the Securities Act of 1933, as amended. The Notes were sold at a price equal to 100% of the principal amount of the Notes. The Notes are senior secured obligations of Merrimack and will mature on December 15, 2022 , unless earlier redeemed or repurchased in accordance with their terms prior to such date. The Notes bear interest at a rate of 11.5% per year, payable semi-annually. Morgan Stanley & Co. LLC acted as sole placement agent for the transaction.
Therapeutic area:
