SWK Holdings, a life science focused specialty finance company catering to small- and mid-sized commercial-stage companies, signed a four-year credit facility with First Horizon Bank. The four-year facility, which has $45 million committed at close, will bear interest at a rate of SOFR plus 3.75% during the revolving availability period. The facility has an accordion feature that provides for expansion of the facility by up to an incremental $80 million, subject to securing syndication partners and other customary conditions.
“This new credit facility with First Horizon is an important milestone for SWK as it provides access to additional, cost-efficient capital that we can deploy to small and mid-sized life sciences companies seeking our tailored, non-dilutive financial offerings,” Jody Staggs, president and CEO of SWK Holdings, said. “We foresee this credit facility as a first step in establishing a longer-term relationship with First Horizon and welcome the opportunity to work with the bank and additional syndicate partners to position SWK to meet the financing needs of more life science companies. The facility also provides flexibility for SWK to pursue other forms of capital, including subordinated bonds. I would like to thank Fund Finance Partners for their effort in assisting SWK with securing this credit facility.”
