Cardiome Pharma signs first amending agreement to amended and restated term loan agreement with CRG Servicing.
M2 PHARMA-April 9, 2018-Cardiome Pharma signs first amending agreement to amended and restated term loan agreement with CRG Servicing
(C)2018 M2 COMMUNICATIONS
Cardiome Pharma Corp. (NASDAQ: CRME)(TSX: COM), a specialty pharmaceutical company, has signed its first amending agreement to its amended and restated term loan agreement with CRG Servicing LLC managed funds, dated 11 May 2017.
It was reported on Friday that the contract has been signed to offer certain adjustments to the financial covenants with respect to minimum revenue.
According to the terms of the amended agreement, CRG has waived its right to receive payment of certain cash compensation of up to USD6m that would have been required under the original agreement, and has agreed to permit the divestiture of the company's Canadian business portfolio under the proposed transaction with Cipher Pharmaceuticals. In consideration for entering into the Amended Agreement, CRG received 800,000 common share purchase warrants with an exercise price of USD2.50. The Warrants are subject to a four-month hold period and are exercisable until 27 March 2023.
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