Item 1.01 Entry into a Material Definitive Agreement.
On
The Credit Agreement replaced the Company's previous
The Credit Agreement contains customary representations and warranties, events of default and affirmative and negative covenants, including, among others, covenants that limit or restrict the Borrower's ability to, among other things, incur additional indebtedness, merge or consolidate, make acquisitions, pay dividends or other distributions or repurchase equity, make investments, dispose of assets and enter into certain transactions with affiliates, in each case subject to certain exceptions. As security for its obligations under the Credit Agreement, the Borrowers granted the Lender a first priority security interest on substantially all of the Borrowers' assets (other than intellectual property), and subject to certain exceptions.
The facility carries a 48-month term with interest only payments on the term
loan for the first 15 months, which period can be extended to up to 24 months,
depending on the achievement of certain performance milestones. The Term Loan
will mature in
The above description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.
Item 1.02 Termination of a Material Definitive Agreement.
The information in Item 1.01 above with respect to the Former Loan and Security Agreement is incorporated by reference into this Item 1.02.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 is hereby incorporated by reference in this Item 2.03.
Item 9.01 Exhibits 10.1 Credit Agreement, datedDecember 31, 2019 , by and amongKaleido Biosciences, Inc. ,Cadena Bio, Inc. and Hercules Capital, Inc. †
† Portions of this exhibit (indicated by asterisks) have been omitted in
accordance with the rules of the
--------------------------------------------------------------------------------
© Edgar Online, source