Kindred Biosciences, Inc. (Nasdaq: KIN), a San Francisco, CA-based commercial-stage biopharmaceutical company focused on saving and improving the lives of pets, closed a $50m senior secured debt facility with investment affiliates managed by Solar Capital Partners, LLC.
The non-dilutive financing agreement provides KindredBio with up to $50 million of borrowing capacity available in three tranches, each bearing interest at 1-Month LIBOR + 6.75% with a floor of 2.17%. Under the terms of the agreement, an initial tranche of $20 million was funded at closing.
The company is required to make interest only payments on a monthly basis through October 2021. An additional $30 million will be available in two tranches at the company’s option, subject to certain conditions.
The entire debt facility will mature on September 30, 2024. Further information with respect to the credit facility is set forth in a Form 8-K filed by KindredBio with the Securities and Exchange Commission on October 2, 2019.
Led by Richard Chin, Chief Executive Officer, and Denise Bevers, President and Chief Operating Officer, Kindred Biosciences is a commercial-stage biopharmaceutical company focused on improving the lives of pets. The company’s strategy is to identify compounds and targets that have already demonstrated safety and efficacy in humans and to develop therapeutics based on these validated compounds and targets for dogs, cats, and horses.
KindredBio has a deep pipeline of novel drugs and biologics in development across many therapeutic classes.