Retrophin (RTRX), a pharmaceutical company focused on treatment for rare and catastrophic diseases, has closed a $45 million, five-year senior secured term loan facility led by funds advised by Athyrium Capital Management. The term loan will mature in 2018 and has an interest rate of LIBOR plus 10% (with a LIBOR floor of 1%). The lenders will receive warrants to purchase an aggregate of 337,500 shares of common stock for a period of five years at an exercise price of $12.7552 per share.
Combined with a previous $46 million Senior Convertible Notes sale, RTRX since May, 2014, has raised a total of $91 million in gross proceeds. The company also issued an additional 401,046 shares of restricted common stock to the Convertible Note investors in connection with their investment.
RTRX has also made the final payment of $33 million to the sellers of Manchester Pharmaceuticals LLC in full satisfaction of the outstanding amount owed.