Stay Ahead of the Market:
- Discover outperforming stocks and invest smarter with Top Smart Score Stocks
- Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener
The latest update is out from Fortress Biotech (FBIO).
Fortress Biotech, Inc. secured a $50 million credit agreement on July 25, 2024, borrowing $35 million upfront with the option to draw an additional $15 million. This new agreement, which comes with a 30-month interest-only period and matures in 2027, supersedes a previous $60 million credit arrangement. Interest rates are tied to the Secured Overnight Financing Rate (SOFR) plus a margin, and the company can prepay with certain fees. The agreement imposes financial covenants, including maintaining minimum liquidity and net sales, and defaults could trigger full loan acceleration. Additionally, Fortress granted lenders warrants to purchase company stock, with provisions for adjustments in specific scenarios.
Learn more about FBIO stock on TipRanks’ Stock Analysis page.
