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Ardelyx | 8-K: Current report

SEC announcement · Mar 5 16:28

ARDX +2.72%

Summary by Moomoo AI

Ardelyx, Inc., a biopharmaceutical company, has secured a $50 million Term C Loan as part of its existing loan and security agreement with SLR Investment Corp. and other lenders. The agreement, originally entered into in February 2022 and subsequently amended, reached this latest milestone on March 1, 2024. The Term C Loan, which matures on March 1, 2027, carries an interest rate of 4.25% plus a SOFR value, with a SOFR floor of 4.7%. Ardelyx has the option to make interest-only payments until December 31, 2026. The loan agreement includes standard events of default which, if triggered, could lead to immediate repayment demands and enforcement against Ardelyx's collateral, including cash. An additional default interest rate of 4.0% per annum is applicable during any period of default.

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