Acerus Pharmaceuticals entered into an amended agreement related to its existing credit facility with SWK, a subsidiary of SWK Holdings.
The nature of the amendments include:
- Setting principal repayment at $1.1 million for May 2021 followed by quarterly principal repayments of $600,000
- Adjusting the minimum threshold for consolidated unencumbered liquid assets (as defined in the credit facility as cash adjusted for certain portions of accounts receivable and accounts payable) required to be maintained by the company to $2 million
- Removing all revenue and adjusted EBITDA covenants for the balance of 2021
- Adjusting revenue and adjusted EBITDA covenants for 2022 and onward
All other terms and conditions in the SWK credit facility remain unchanged.
Acerus Pharmaceuticals is a Canadian-based specialty pharmaceutical company.