MannKind (MNKD) and funds managed by Blackstone (BX) said Wednesday that they have agreed to a financing deal of up to $500 million in senior secured credit maturing in August 2030.
The agreement includes a $75 million initial term loan funded at closing, $125 million delayed draw term loan for up to 24 months, and $300 million uncommitted delayed draw term loan available at the mutual consent of both parties, the companies said.
The facility bears interest at the secured overnight financing rate plus 4.75%, they added.
Shares of MannKind were down 9.8%, while Blackstone was up 0.7% in recent trading.
Price: 3.60, Change: -0.39, Percent Change: -9.77
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