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Halozyme improves cash position with debt refinance; shares up 2% premarket

  • Halozyme (NASDAQ:HALO) inks a new financing agreement with Oxford Finance LLC and Silicon Valley Bank under which it borrowed $55M at 8.25% to refinance existing long-term debt. The new facility allows interest-only payments for the first 18 months, followed by principal and interest payments until maturity on January 1, 2021.
  • The deal should increase the company's cash balance by $22M both this year and in 2017. The company has the option to borrow an additional $15M in Q2 2017 at prime + 4.75%.
  • As of March 31, Halozyme's quick assets totaled ~$239M.
  • Shares are up 2% premarket on light volume.

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Halozyme Therapeutics, Inc.