TORONTO--(BUSINESS WIRE)--Acerus Pharmaceuticals Corporation (TSX:ASP) today reported that it has entered into an agreement to amend its senior secured term credit facility with an affiliate of MidCap Financial, LLC.
Pursuant to the terms and conditions of this amendment, the company will immediately retire US$17 million of its existing US$25 million principal amount outstanding. The remainder of the outstanding principal amount will have a final maturity date in early 2017. Additionally, upon the occurrence of certain events prior to the maturity date, the company may be required to reduce the total amount of debt outstanding to US$5 million. Finally, the facility has been amended to allow the company to repay all outstanding principal at its option at any time prior to maturity. In connection with this amendment, certain fees otherwise payable on retirement of the indebtedness have been eliminated.
