L.O.T.W. #133 - Amicus Therapeutics refinances term facility extending interest only window and principal obligations
Secured in Oct. '23, the $400 million term loan provided by funds managed by Blackstone extended maturity and pushed out interest only window from mid '24 to late '26
The single tranche term loan refinanced a $400 million term loan that was scheduled to begin amortizing ($44.4 million per quarter) in mid ‘24. Refinance effectively extended interest only repayment window ~ 48 months from the date of funding
👓At a Glance
Borrower: Amicus Therapeutics, Inc.
Lender: Funds managed by Blackstone
Deal Size: $400 million
Structure: Single advance term loan funded at close
Rate: Variable - 3M Term SOFR + 6.25% with 2.0% SOFR floor and SOFR term adjustment of 0.26%
Term: 72 months
Use of Proceeds: Refinance existing $400 million term facility
Source: Press Release
📷Borrower Snapshot
Sector: Health Care
Subsector: Biotechnology
Ownership: Public
Commercial Stage: Generating commercial revenue; reported 1H ‘25 profit on non-GAAP basis
Business Overview: Amicus Therapeutics (Nasdaq: FOLD) is a commercial-stage biotechnology company focused on developing and delivering novel medicines for people living with rare, devastating diseases. The company’s lead product, Galafold, is the first and only oral therapy for Fabry disease, approved in the U.S., EU, and multiple global markets. Amicus is also advancing a late-stage gene therapy pipeline, including programs for Pompe disease and other lysosomal disorders, leveraging its proprietary technologies and global commercial infrastructure.
⚙️Structure & Terms
Source: SEC 8-K Filing
Commitment: $400 million term loan
39 month interest only period, then 12 quarterly principal payments totaling approx. $33.3 million per quarter
Maturity: October 5, 2029
Collateral: Senior secured all asset lien
Rate: Variable - 3M Term SOFR + 6.25% with 2.0% SOFR floor and SOFR term adjustment of 0.26%
Fees:
Not publicly disclosed however company recorded net proceeds of $387.4 million net of fees and expenses related to the transaction
Financial Covenants:
Min consolidated LTM revenue of $225 million
Min liquidity of $100 million