Apellis Pharmaceuticals Refinances Existing Debt With Up To $475M Non-Dilutive Credit Facility
Portfolio Pulse from Benzinga Newsdesk
Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) has refinanced its existing debt with a new up to $475 million non-dilutive credit facility provided by Sixth Street. The company received $375 million at close and has the option to access an additional $100 million. The majority of the initial proceeds were used to buy out the existing SFJ Pharmaceuticals development liability, significantly improving Apellis' liquidity by eliminating $366 million in SFJ payments through 2027.
May 14, 2024 | 12:30 pm
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POSITIVE IMPACT
Apellis Pharmaceuticals has significantly improved its financial position by securing a new credit facility and eliminating a major liability. This move enhances liquidity and reduces financial obligations through 2027.
By refinancing its debt and eliminating a significant development liability, Apellis has strengthened its financial standing. This reduction in financial obligations and improvement in liquidity is likely to be viewed positively by investors, potentially leading to a short-term increase in stock price.
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