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Pernix refinances, cash resources sufficient to fund operations through 2019; shares down 13% on weak Q2 results

  • Pernix Therapeutics (PTX -13.1%), still under pressure from its disappointing preliminary Q2 results, announces a series of refinancing transactions that it says will shore up its balance sheet and extend its cash runway through 2019.
  • A new $40M asset-backed credit revolver to refinance the Wells Fargo credit facility has been set up in addition to a $45M delayed-draw term loan (immediate access to $30M with an additional $15M available for certain acquisition purposes).
  • About $52M of its 4.25% convertible senior notes owned by institutional investors will be exchanged for ~$36M of new exchangeable notes (4.25%/5.25%) and ~1.1M shares of common stock at $5.50 per share. The transactions should close today.
  • The deals will provide the company with ~$63M in total liquidity, including $42M of cash and cash equivalents and $21M available under the revolver.
  • Previously: Pernix sees drop in revenues for Q2; shares slip 5% after hours (July 20)

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Pernix Therapeutics Holdings, Inc.