Brief: Medincell Secures Additional EUR 20 Mln Financing With European Investment Bank

Medincell SA

05/09/2022 18:02

Sept 5 (Reuters) - Medincell SA  MEDCL.PA :
    * MEDINCELL SECURES ADDITIONAL 20 MILLION EUROS FINANCING
WITH THE
EUROPEAN INVESTMENT BANK (EIB)
    * NEW CREDIT FACILITY FORESEES THAT MEDINCELL REPAYS IN
ANTICIPATION A PREVIOUS 20 MILLION EUROS LOAN SIGNED IN 2018
WITH EIB
    * NEW EIB FINANCING EXTENDS MEDINCELL'S CASH VISIBILITY
UNTIL AT
LEAST Q1 2024
    * 30 MILLION EUROS OF CREDIT FACILITY COULD BE DRAWN IN Q4
2022
    * EACH TRANCHE OF NEW CREDIT FACILITY WILL BE REIMBURSED 5
YEARS
AFTER DRAWDOWN
    * CREDIT FACILITY IS DIVIDED INTO A FIRST TRANCHE OF 20
MILLION
EUROS (TRANCHE A) AND TWO TRANCHES OF 10 MILLION EUROS (TRANCHES
B AND C).
    * MATURITY DATE IS FIVE YEARS AFTER DISBURSEMENT FOR EACH
TRANCHE,
WHICH MEANS THAT FIRST REIMBURSEMENT SHOULD OCCUR IN Q4 2027
    * REMUNERATION TAILORED FOR EACH TRANCHE SEPARATELY, CASH
INTEREST
PAID ANNUALLY, CAPITALIZED INTEREST PAID AT MATURITY, AND
POTENTIAL CAPITAL GAIN UNDER WARRANTS BASED ON SUCCESS OF FUTURE
INCREASE IN CO'S SHARE PRICE
    * THREE TRANCHES WILL BE AVAILABLE WITHIN 36 MONTHS
FOLLOWING
SIGNATURE OF CREDIT FACILITY AGREEMENT.

Source text for Eikon:  ID:nBwbdZrSva 
Further company coverage:  MEDCL.PA 

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