Theratechnologies, a biopharmaceutical company, entered into an agreement with certain funds and accounts for which Marathon Asset Management acts as investment manager to amend some of the terms and conditions of its term loan facility credit agreement entered into in July 2022 to lower the minimum liquidity the company must maintain at any time to $15 million from $20 million.
The amendments provide, inter alia, that Theratechnologies must hold the minimum amount of liquidity at all times up to and until Oct. 31 and must comply with all of the other terms and conditions of the credit agreement.
Under the credit agreement, Theratechnologies was required to hold a minimum of $20 million at all times in cash and other liquid investments. The terms and conditions related to the obligation to maintain a minimum amount of liquidity under the credit agreement were previously amended and the last amendment was valid until July 28.
“This amendment entered into with Marathon will allow us to continue focusing on the growth of our business with the aim of achieving a positive adjusted EBITDA by the current fiscal year-end,” Philippe Dubuc, senior vice president and CFO of Theratechnologies, said.
