Retrophin secures financing

|By:, SA News Editor

Retrophin (RTRX -7.5%) closes a $40M senior secured term loan facility provided by Athyrium Capital Management. The loan will mature in 2018 and carry an interest rate of LIBOR + 10%. Athyrium will receive warrants to purchase 300K shares at $13.93/share for five years.

The company also closes the sale of $40M of 4.5% Senior Convertible Notes due May 30, 2019 to institutional investors. The conversion rate is 57.43 shares of common per $1,000 principal amount equating to an initial conversion price of $17.41.