DeZwarteRidder schreef op 20 augustus 2016 10:38:
10.
Loans and borrowings
On 20 July 2015, the Company entered into a straight debt financing with Oxford Finance LLC and Silicon Valley Bank (the Lenders).
Under the terms and conditions of the agreement, the Lenders provide USD17 million (net €15.5 million) secured senior debt funding against 48 months’ promissory notes with a 7.02% fixed interest per annum. The initial 12 months of the notes are interest payments only, followed by monthly re-payment of the notes in a 36 months’ straight amortization scheme.
In 2016 the total amount of interest was €0.9 million.
As further consideration for the facility, the Lenders have received 2,315,517 warrants (amounting to a 3.95% warrant coverage) with a strike price of €0.29, representing the average closing price of Pharming shares over the last ten days prior
to the date of the loan , and a final payment on maturity
(1 July 2019) of 9% of the principal sum. Other facility fees of €0.6 million have been deferred from the original loans.
The Company and its subsidiaries have pledged all of its
receivables, tangible assets and intellectual property rights as
collateral security to the Lenders.After initial recognition at fair value, the carrying amount of the loan is restated at each reporting date.
In case of a change in the underlying cash flows, the carrying
amount of the loan is restated to the
net present value of the underlying cash flows discounted at the effective interest rates of 12.2 % and 13.1%.