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Pharming Group NV signs EUR15.6m straight debt financing with Oxford Finance and Silicon Valley Bank.

M2 EQUITYBITES-July 20, 2015-Pharming Group NV signs EUR15.6m straight debt financing with Oxford Finance and Silicon Valley Bank

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Biotech company Pharming Group NV (Amsterdam:PHARM.AS) reported on Friday the execution of a EUR15.6m straight debt financing with Oxford Finance and Silicon Valley Bank (the lenders).

Following completion of the financing, Pharming Group NV expects EUR15.0m in net proceeds after subtraction of transaction fees and costs.

As part of the financing, the lenders provide USD17m secured senior debt funding against 48 months promissory notes with a 7.02% fixed interest per annum. The initial 12 months of the notes are interest only, followed by monthly re-payment of the notes in a 36 months straight amortization scheme.

In conjunction with the facility, the lenders will receive a 3.95% warrant coverage (2,124,328 warrants) with a strike price of EUR0.29, representing the average closing price of Pharming shares over the last ten days prior to the closing date and a final payment on maturation (1 July 2019) of 9% of the principal sum.

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Publication:M2 EquityBites (EQB)
Date:Jul 20, 2015
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