TherapeuticsMD Closes $300 Million Non-Dilutive Term Loan Financing Facility with TPG Sixth Street Partners
April 24 2019 - 4:10PM
Business Wire
Leading Healthcare Investor Provides
TherapeuticsMD with Strategic Growth Capital
Non-Dilutive Funding Supports the Launches of
BIJUVATM and ANNOVERATM
TherapeuticsMD, Inc. (NASDAQ:TXMD), an innovative, leading
women’s healthcare company, today announced that it has closed its
previously disclosed $300 million non-dilutive secured term loan
financing facility with TPG Sixth Street Partners (“TSSP”), the
global finance and investment business in strategic partnership
with TPG, the global alternative asset firm.
The TSSP term loan facility will be available to the company in
three tranches:
- The initial tranche of $200 million was
drawn by TherapeuticsMD at the closing of the facility;
- $50 million will be available upon the
designation of ANNOVERA as a new category of birth control by the
U.S. Food and Drug Administration on or prior to December 31, 2019;
and
- $50 million will be available upon
TherapeuticsMD achieving $11 million in net revenues from IMVEXXY®,
BIJUVA and ANNOVERA for the fourth quarter of 2019.
Borrowings under the TSSP term loan facility will accrue
interest at 3-month LIBOR plus 7.75%, subject to a LIBOR floor of
2.70%. Interest on amounts borrowed under the facility will be
payable quarterly. The outstanding principal amount of the term
loan facility will be payable in four equal quarterly installments
beginning on June 30, 2023, with the term loan facility maturing on
March 31, 2024.
In connection with the closing of the TSSP facility,
TherapeuticsMD terminated its term loan credit and security
agreement with MidCap Financial Trust, managed by Apollo Capital
Management, L.P. A portion of the initial tranche of the TSSP term
loan facility was used to repay all amounts outstanding under the
MidCap agreement.
About TPG Sixth Street Partners (TSSP)
TPG Sixth Street Partners (TSSP) is a global finance and
investment business with over $30 billion in assets under
management. Co-founded in 2009 by Managing Partner Alan Waxman and
TSSP’s management team, the firm’s long-term oriented, highly
flexible capital base allows it to invest across industries,
geographies, capital structures and asset classes. TSSP focuses on
partnering with businesses and management teams to create fully
committed financing solutions. The firm also makes investments in
both private and public companies and assets. TSSP is in a
strategic partnership with TPG, the global alternative asset firm.
For more information, visit www.tssp.com.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative, leading healthcare
company, focused on developing and commercializing novel products
exclusively for women. Our products are designed to address the
unique changes and challenges women experience through the various
stages of their lives with a therapeutic focus in family planning,
reproductive health, and menopause management. The company is
committed to advancing the health of women and championing
awareness of their healthcare issues. To learn more about
TherapeuticsMD, please visit www.therapeuticsmd.com or follow us on
Twitter: @TherapeuticsMD and on Facebook: TherapeuticsMD.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements relating to TherapeuticsMD’s
objectives, plans and strategies as well as statements, other than
historical facts, that address activities, events or developments
that the company intends, expects, projects, believes or
anticipates will or may occur in the future. These statements are
often characterized by terminology such as “believes,” “hopes,”
“may,” “anticipates,” “should,” “intends,” “plans,” “will,”
“expects,” “estimates,” “projects,” “positioned,” “strategy” and
similar expressions and are based on assumptions and assessments
made in light of management’s experience and perception of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate. Forward-looking
statements in this press release are made as of the date of this
press release, and the company undertakes no duty to update or
revise any such statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, many of which are outside of the company’s control.
Important factors that could cause actual results, developments and
business decisions to differ materially from forward-looking
statements are described in the sections titled “Risk Factors” in
the company’s filings with the Securities and Exchange
Commission, including its most recent Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K,
and include the following: the company’s ability to maintain or
increase sales of its products; the company’s ability to develop
and commercialize IMVEXXY®, ANNOVERA™, BIJUVA™ and its hormone
therapy drug candidates and obtain additional financing necessary
therefor; whether the company will be able to comply with the
covenants and conditions under its term loan facility; the
potential of adverse side effects or other safety risks that could
adversely affect the commercialization of the company’s current or
future approved products or preclude the approval of the company’s
future drug candidates; the length, cost and uncertain results of
future clinical trials; the company’s reliance on third parties to
conduct its manufacturing, research and development and clinical
trials; the availability of reimbursement from government
authorities and health insurance companies for the company’s
products; the impact of product liability lawsuits; the influence
of extensive and costly government regulation; the volatility of
the trading price of the company’s common stock and the
concentration of power in its stock ownership. PDF copies of the
company’s historical press releases and financial tables can be
viewed and downloaded at its
website: www.therapeuticsmd.com/pressreleases.aspx.
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version on businesswire.com: https://www.businesswire.com/news/home/20190424006067/en/
Investor ContactNichol
OchsnerVice President, Investor Relations561-961-1900, ext.
2088Nochsner@TherapeuticsMD.com
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