{"id":39985,"date":"2023-07-24T21:01:11","date_gmt":"2023-07-25T01:01:11","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/verrica-pharma-enters-into-non-binding-term-sheet-for-up-to-125m-debt-financing\/"},"modified":"2023-07-24T21:01:13","modified_gmt":"2023-07-25T01:01:13","slug":"verrica-pharma-enters-into-non-binding-term-sheet-for-up-to-125m-debt-financing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=39985","title":{"rendered":"Verrica Pharma Enters Into Non-Binding Term Sheet for Up to $125M Debt Financing"},"content":{"rendered":"
\n

By Chris Wack<\/p>\n

<\/pre>\n
Verrica Pharmaceuticals said Monday that it has entered into a non-binding term sheet for a term loan facility of up to $125 million, which it expects to close by the end of this week.<\/p>\n
Under the terms of the term sheet, Verrica intends to borrow $50 million immediately following the close of the transaction, with additional capital available in tranches based on the achievement of certain revenue milestones.<\/p>\n
\n
The facility is a five-year term loan that matures in July 2028.<\/p>\n
Upon close of the transaction, Verrica said it expects the $50 million upfront, plus the $60 million in cash and cash equivalents on-hand as of March 31, to extend its cash runway into the first quarter of 2025.<\/p>\n
The company said the term sheet doesn’t represent a definitive loan agreement, and there is no guarantee that it will enter into a definitive loan agreement, close the proposed loan facility with the lender or borrow any funds pursuant to the loan facility.<\/p>\n
Verrica Pharma shares are down 13% to $6.45 in premarket trading.<\/p>\n
<\/pre>\n
Write to Chris Wack at chris.wack@wsj.com<\/p>\n
<\/pre>\n<\/p><\/div>\n<\/div>\n
Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
By Chris Wack Verrica Pharmaceuticals said Monday that it has entered into a non-binding term sheet for a term loan facility of up to $125 million, which it expects to close by the end of this week. Under the terms of the term sheet, Verrica intends to borrow $50 million immediately following the close of […]<\/p>\n","protected":false},"author":1,"featured_media":1898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-39985","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nVerrica Pharma Enters Into Non-Binding Term Sheet for Up to $125M Debt Financing | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Chris Wack Verrica Pharmaceuticals said Monday that it has entered into a non-binding term sheet for a term loan facility of up to $125 million, which\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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