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Post by itellthefuture777 on Sept 6, 2017 16:03:11 GMT -5
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Post by liane on Sept 6, 2017 16:06:16 GMT -5
Item 8.01 Other Events.
As disclosed in the Current Report on Form 8-K filed by MannKind Corporation (the “Company”) on June 29, 2017, the Company and MannKind LLC, the Company’s wholly owned subsidiary, entered into an Exchange and Third Amendment to Facility Agreement (the “Deerfield Amendment”) with Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. (collectively, “Deerfield”). Pursuant to the Deerfield Amendment, the parties agreed to, among other things, amend the Facility Agreement with Deerfield, dated as of July 1, 2013, as amended (the “Facility Agreement”), to defer the payment of $10.0 million in principal amount of the Company’s 9.75% Senior Convertible Notes due 2019 (the “Tranche 4 Notes”) from the original July 18, 2017 due date to August 31, 2017, with an option for the Company to elect to further defer the payment of such principal amount from August 31, 2017 to October 31, 2017 upon the Company’s delivery on August 31, 2017 of a written certification to Deerfield that certain conditions have been met (the “Extension Conditions”).
On August 31, 2017, the Company delivered a written certification to Deerfield certifying that the Extension Conditions were met (the “Certificate”). In connection with the Certificate, the Company elected to defer the payment of principal on the Tranche 4 Notes from August 31, 2017 to October 31, 2017. Per the terms of the Deerfield Amendment, the Company’s obligation under the Facility Agreement to maintain at least $25 million in cash as of the end of each quarter has been reduced to $10 million as of the last day of each month through October 31, 2017 and on December 31, 2017.
The foregoing description of the Deerfield Amendment does not purport to be complete and is qualified in its entirety by reference to the Deerfield Amendment, a copy of which is attached as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2017; the Facility Agreement, a copy of which is attached as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 1, 2013; the First Amendment to Facility Agreement and Registration Rights Agreement, dated as of February 28, 2014, a copy of which is attached as Exhibit 10.39 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2014; and the Second Amendment to Facility Agreement and Registration Rights Agreement, dated as of August 11, 2014, a copy of which is attached as Exhibit 4.14 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2014.
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Post by mnkdnewbie on Sept 6, 2017 16:20:46 GMT -5
Everyone on twits are mistakenly thinking deferred until 2019...or they are trying to pump
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Post by liane on Sept 6, 2017 16:27:38 GMT -5
Or they are idiots.
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Post by peppy on Sept 6, 2017 16:33:36 GMT -5
Item 8.01 Other Events. As disclosed in the Current Report on Form 8-K filed by MannKind Corporation (the “Company”) on June 29, 2017, the Company and MannKind LLC, the Company’s wholly owned subsidiary, entered into an Exchange and Third Amendment to Facility Agreement (the “Deerfield Amendment”) with Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. (collectively, “Deerfield”). Pursuant to the Deerfield Amendment, the parties agreed to, among other things, amend the Facility Agreement with Deerfield, dated as of July 1, 2013, as amended (the “Facility Agreement”), to defer the payment of $10.0 million in principal amount of the Company’s 9.75% Senior Convertible Notes due 2019 (the “Tranche 4 Notes”) from the original July 18, 2017 due date to August 31, 2017, with an option for the Company to elect to further defer the payment of such principal amount from August 31, 2017 to October 31, 2017 upon the Company’s delivery on August 31, 2017 of a written certification to Deerfield that certain conditions have been met (the “Extension Conditions”). On August 31, 2017, the Company delivered a written certification to Deerfield certifying that the Extension Conditions were met (the “Certificate”). In connection with the Certificate, the Company elected to defer the payment of principal on the Tranche 4 Notes from August 31, 2017 to October 31, 2017. Per the terms of the Deerfield Amendment, the Company’s obligation under the Facility Agreement to maintain at least $25 million in cash as of the end of each quarter has been reduced to $10 million as of the last day of each month through October 31, 2017 and on December 31, 2017. The foregoing description of the Deerfield Amendment does not purport to be complete and is qualified in its entirety by reference to the Deerfield Amendment, a copy of which is attached as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2017; the Facility Agreement, a copy of which is attached as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 1, 2013; the First Amendment to Facility Agreement and Registration Rights Agreement, dated as of February 28, 2014, a copy of which is attached as Exhibit 10.39 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2014; and the Second Amendment to Facility Agreement and Registration Rights Agreement, dated as of August 11, 2014, a copy of which is attached as Exhibit 4.14 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2014. I have a question. I hadn't noticed the "December 31, 2017" prior. This agreement goes until December 31, 2017? That is the difference between the dates? in regards to what happens end of OCT? what happens on the end of December? Am I asking this question clearly?
added: that's a lot of 31st. New Label decision Sept 31, Deerfield, oct 31st Deerfield dec 31st.
I hope it is a very good year. Sports put up a picture of Mannkinds' new office space and sign.
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Post by kball on Sept 6, 2017 17:18:39 GMT -5
Item 8.01 Other Events. As disclosed in the Current Report on Form 8-K filed by MannKind Corporation (the “Company”) on June 29, 2017, the Company and MannKind LLC, the Company’s wholly owned subsidiary, entered into an Exchange and Third Amendment to Facility Agreement (the “Deerfield Amendment”) with Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. (collectively, “Deerfield”). Pursuant to the Deerfield Amendment, the parties agreed to, among other things, amend the Facility Agreement with Deerfield, dated as of July 1, 2013, as amended (the “Facility Agreement”), to defer the payment of $10.0 million in principal amount of the Company’s 9.75% Senior Convertible Notes due 2019 (the “Tranche 4 Notes”) from the original July 18, 2017 due date to August 31, 2017, with an option for the Company to elect to further defer the payment of such principal amount from August 31, 2017 to October 31, 2017 upon the Company’s delivery on August 31, 2017 of a written certification to Deerfield that certain conditions have been met (the “Extension Conditions”). On August 31, 2017, the Company delivered a written certification to Deerfield certifying that the Extension Conditions were met (the “Certificate”). In connection with the Certificate, the Company elected to defer the payment of principal on the Tranche 4 Notes from August 31, 2017 to October 31, 2017. Per the terms of the Deerfield Amendment, the Company’s obligation under the Facility Agreement to maintain at least $25 million in cash as of the end of each quarter has been reduced to $10 million as of the last day of each month through October 31, 2017 and on December 31, 2017. The foregoing description of the Deerfield Amendment does not purport to be complete and is qualified in its entirety by reference to the Deerfield Amendment, a copy of which is attached as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2017; the Facility Agreement, a copy of which is attached as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 1, 2013; the First Amendment to Facility Agreement and Registration Rights Agreement, dated as of February 28, 2014, a copy of which is attached as Exhibit 10.39 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2014; and the Second Amendment to Facility Agreement and Registration Rights Agreement, dated as of August 11, 2014, a copy of which is attached as Exhibit 4.14 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2014. I have a question. I hadn't noticed the "December 31, 2017" prior. This agreement goes until December 31, 2017? That is the difference between the dates? in regards to what happens end of OCT? what happens on the end of December? Am I asking this question clearly?
added: that's a lot of 31st. New Label decision Sept 31, Deerfield, oct 31st Deerfield dec 31st.
Wait...what? |
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Post by agedhippie on Sept 6, 2017 17:23:03 GMT -5
This agreement goes until December 31, 2017? That is the difference between the dates? in regards to what happens end of OCT? what happens on the end of December? Am I asking this question clearly?
added: that's a lot of 31st. New Label decision Sept 31, Deerfield, oct 31st Deerfield dec 31st.
I don't think the December date was there before. What Deerfield are doing is rolling over the dates in two month steps (Aug - Oct - Dec) to maintain the pressure on Mannkind, but also to give Greenhills space to work in. If Greenhills have any sort of deal in sight then the last thing Deerfield want to do is let the counter-party use a deadline to reduce the price. |
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Post by mnkdfann on Sept 6, 2017 18:01:35 GMT -5
I don't think the December date was there before. What Deerfield are doing is rolling over the dates in two month steps (Aug - Oct - Dec) to maintain the pressure on Mannkind, but also to give Greenhills space to work in. If Greenhills have any sort of deal in sight then the last thing Deerfield want to do is let the counter-party use a deadline to reduce the price. December 31, 2017 was mentioned in the June announcement. globenewswire.com/news-release/2017/06/29/1031854/0/en/MannKind-Renegotiates-Near-Term-Maturities-with-Deerfield.html"Subject to these conditions, Deerfield has also agreed to amend the terms of the minimum liquidity covenant under the Facility Agreement such that, on the last day of each month through October 31 and on December 31, 2017, MannKind must maintain at least $10 million of Cash and Cash Equivalents (instead of $25 million)." |
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Post by sportsrancho on Sept 6, 2017 18:30:59 GMT -5
Sept only has 30 days is what I think kball means.
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Post by dg1111 on Sept 6, 2017 18:32:30 GMT -5
This filing doesn't give any information from which to guess what the terms are, but in general I am happy to see that MNKD met the terms that Deerfield specified. That is enough to feed my optimism that something positive is happening behind the scenes.
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Post by anderson on Sept 6, 2017 18:49:44 GMT -5
This agreement goes until December 31, 2017? That is the difference between the dates? in regards to what happens end of OCT? what happens on the end of December? Am I asking this question clearly?
added: that's a lot of 31st. New Label decision Sept 31, Deerfield, oct 31st Deerfield dec 31st.
I don't think the December date was there before. What Deerfield are doing is rolling over the dates in two month steps (Aug - Oct - Dec) to maintain the pressure on Mannkind, but also to give Greenhills space to work in. If Greenhills have any sort of deal in sight then the last thing Deerfield want to do is let the counter-party use a deadline to reduce the price. Greenhill, not sure I trust anyone that had a hand in the Sanofi deal. |
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Post by rossomalley on Sept 6, 2017 18:57:53 GMT -5
Sept only has 30 days is what I think kball means. Stop spreading FUD! |
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Post by babaoriley on Sept 6, 2017 19:18:15 GMT -5
The December 31, 2017, date is there because the requirement remains in force beyond the date of the maturity of the $10 million tranche.
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Post by mnkdfann on Sept 6, 2017 19:26:48 GMT -5
This filing doesn't give any information from which to guess what the terms are, but in general I am happy to see that MNKD met the terms that Deerfield specified. That is enough to feed my optimism that something positive is happening behind the scenes. The June release (see earlier link I posted, and excerpt below) spelled out what the terms / conditions were. At least what appear to have been the major ones. No need IMO for any of the old 'behind the scenes' talk, as popular as that is. "These conditions include that MannKind has not experienced a Material Adverse Event or an Event of Default (as such terms are defined in the Facility Agreement), that MannKind has received approximately $19.4 million of proceeds from the Loan Arrangement between MannKind and The Mann Group LLC, and that the Company has at least $10 million in Cash and Cash Equivalents (as such terms are defined in the Facility Agreement)." |
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Post by itellthefuture777 on Sept 6, 2017 19:43:05 GMT -5
Item 8.01 Other Events. As disclosed in the Current Report on Form 8-K filed by MannKind Corporation (the “Company”) on June 29, 2017, the Company and MannKind LLC, the Company’s wholly owned subsidiary, entered into an Exchange and Third Amendment to Facility Agreement (the “Deerfield Amendment”) with Deerfield Private Design Fund II, L.P. and Deerfield Private Design International II, L.P. (collectively, “Deerfield”). Pursuant to the Deerfield Amendment, the parties agreed to, among other things, amend the Facility Agreement with Deerfield, dated as of July 1, 2013, as amended (the “Facility Agreement”), to defer the payment of $10.0 million in principal amount of the Company’s 9.75% Senior Convertible Notes due 2019 (the “Tranche 4 Notes”) from the original July 18, 2017 due date to August 31, 2017, with an option for the Company to elect to further defer the payment of such principal amount from August 31, 2017 to October 31, 2017 upon the Company’s delivery on August 31, 2017 of a written certification to Deerfield that certain conditions have been met (the “Extension Conditions”). On August 31, 2017, the Company delivered a written certification to Deerfield certifying that the Extension Conditions were met (the “Certificate”). In connection with the Certificate, the Company elected to defer the payment of principal on the Tranche 4 Notes from August 31, 2017 to October 31, 2017. Per the terms of the Deerfield Amendment, the Company’s obligation under the Facility Agreement to maintain at least $25 million in cash as of the end of each quarter has been reduced to $10 million as of the last day of each month through October 31, 2017 and on December 31, 2017. The foregoing description of the Deerfield Amendment does not purport to be complete and is qualified in its entirety by reference to the Deerfield Amendment, a copy of which is attached as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2017; the Facility Agreement, a copy of which is attached as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 1, 2013; the First Amendment to Facility Agreement and Registration Rights Agreement, dated as of February 28, 2014, a copy of which is attached as Exhibit 10.39 to the Company’s Annual Report on Form 10-K filed with the SEC on March 3, 2014; and the Second Amendment to Facility Agreement and Registration Rights Agreement, dated as of August 11, 2014, a copy of which is attached as Exhibit 4.14 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on November 10, 2014. I have a question. I hadn't noticed the "December 31, 2017" prior. This agreement goes until December 31, 2017? That is the difference between the dates? in regards to what happens end of OCT? what happens on the end of December? Am I asking this question clearly?
added: that's a lot of 31st. New Label decision Sept 31, Deerfield, oct 31st Deerfield dec 31st.
I hope it is a very good year. Sports put up a picture of Mannkinds' new office space and sign.
That photo..looks like Mannkind going to the moon! |
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