SAREPTA THERAPEUTICS, INC. (NASDAQ:SRPT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Certain Covenants and Events of Default. The Credit Agreements contain a number of negative covenants that, among other things and subject to certain exceptions, restrict the Company’s ability to:
| • | incur additional indebtedness; |
| • | pay dividends on its capital stock or redeem, repurchase or retire its capital stock or its other indebtedness, including subordinated indebtedness; |
| • | make investments, loans and acquisitions; |
| • | engage in transactions with its affiliates; |
| • | materially alter the business it conducts; |
| • | amend, modify or waive certain material agreements or its organizational documents. |
The Credit Agreements do not require the Company to comply with any financial maintenance covenants but additionally contains certain customary representations and warranties, affirmative covenants and provisions relating to events of default, including cross defaults and the occurrence of a material adverse change.
The Credit Agreements require the Company to maintain in a collateral account an amount of cash or cash equivalents equal to not less than 75% of the sum of the aggregate outstanding principal amount of the term loans plus the aggregate outstanding principal amount of the revolving loans.
The foregoing summary of each of the Amended and Restated Credit and Security Agreement, the Revolving Credit Agreement, the First Amendment and the Pledge Agreement is not complete and is qualified in its entirety by reference to the complete text of each of the Amended and Restated Credit and Security Agreement, the Revolving Credit Agreement, the First Amendment and the Pledge Agreement, copies of which will be filed as exhibits to the Company’s upcoming Quarterly Report on Form 10-Q for the quarter ended June30, 2017.
| Item 1.01 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
On July18, 2017, the Company issued a press release announcing entry into the Credit Agreements. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 1.01 | Financial Statements and Exhibits. |
(d) Exhibits.
|
Exhibit Number |
Description |
| 99.1 | Press release, dated July18, 2017. |
Sarepta Therapeutics, Inc. ExhibitEX-99.1 2 d425897dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Sarepta Therapeutics Secures $100 Million in Debt Financing CAMBRIDGE,…To view the full exhibit click here
About SAREPTA THERAPEUTICS, INC. (NASDAQ:SRPT)
Sarepta Therapeutics, Inc. is a biopharmaceutical company. The Company is focused on the discovery and development of ribonucleic acid (RNA)-targeted therapeutics for the treatment of rare, infectious and other diseases. The Company operates in one segment: the development of pharmaceutical products on its own behalf or in collaboration with others. The Company, through its platform technologies, targets a range of diseases and disorders through RNA-targeted mechanisms of action. The Company is also developing therapeutics using its technology for the treatment of drug-resistant bacteria and infectious, rare and other human diseases. The Company’s lead Duchenne Muscular Dystrophy (DMD) product candidate, Eteplirsen, is an antisense phosphorodiamidate morpholino oligomer (PMO) therapeutic in Phase III clinical development for the treatment of individuals with DMD having an error in the gene coding for dystrophin that is amenable to skipping exon 51.
