MannKind Corporation (MNKD) and funds managed by Blackstone (BX) announced that they have entered into an up to $500 million strategic financing agreement. The financing agreement provides MannKind with non-dilutive capital to advance its short- and long-term growth strategies. The up to $500 million senior secured credit facility consists of a $75 million initial term loan funded at closing, a $125 million delayed draw term loan available for the next 24 months, subject to customary drawdown conditions, and an additional $300 million uncommitted DDTL available at the mutual consent of MannKind and Blackstone. The facility bears interest at a calculated SOFR variable rate plus 4.75%. The facility matures in August 2030 and does not provide for scheduled amortization payments during the term.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MNKD:
- Is MNKD a Buy, Before Earnings?
- MannKind Corporation’s Global Supply Chain Risks: Navigating Trade Policies and Financial Challenges
- MannKind’s Growth Potential Bolstered by United Therapeutics Partnership and Promising Pipeline
- MannKind price target lowered to $8 from $10 at RBC Capital
- MannKind assumed with a Buy at H.C. Wainwright