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Post by awesomo on Aug 7, 2019 15:08:37 GMT -5
Hmm, I wonder what the terms are of this. Also, not with Deerfield...
Completed debt financing, which replaces previous secured debt facility and provides up to $75 million in non-dilutive capital
On August 6, 2019, MannKind Corporation and MannKind LLC entered into a Credit and Security Agreement with Apollo Investment Corporation, as lender, and MidCap Financial Trust, as lender and agent, which provides a secured term loan facility in an aggregate principal amount of up to $75.0 million and which matures on August 1, 2024 (the “MidCap Credit Facility”). MannKind borrowed the first advance of $40.0 million on August 6, 2019. In connection with the MidCap Credit Facility, MannKind also entered into privately negotiated exchange agreements with each of its existing creditors in order to pay off (in the case of Deerfield as a secured creditor) and restructure (in the case of Bruce & Co. and The Mann Group as unsecured creditors) MannKind’s existing debt obligations. When combined with a July 2019 exchange agreement with Deerfield, these exchanges reduced the principal amount of existing debt by $28.4 million and extended the maturity until November 2024 for $75.1 million (out of $80.3 million) of the remaining debt.
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Post by hellodolly on Aug 7, 2019 15:12:10 GMT -5
Exchange of Mann Group Note
On August 5, 2019, MannKind entered into a privately-negotiated exchange agreement (the “Mann Group Exchange Agreement”) with The Mann Group LLC (the “Mann Group”), pursuant to which MannKind agreed to, among other things, (i) repay $3,000,000 in cash to the Mann Group, (ii) issue 7,142,857 shares of MannKind’s common stock to the Mann Group (at a conversion price of $1.12 per share) (the “Mann Group Exchange Shares”), (iii) issue a new convertible promissory note (the “Mann Group Convertible Note”) to the Mann Group in an aggregate principal amount of $35,000,000 and (iv) issue a new non-convertible promissory note (the “Mann Group Non-Convertible Note”) to the Mann Group in an aggregate principal amount of $35,050,750, in exchange for the cancellation of the $70.1 million in principal amount and accrued interest on the amended and restated promissory note dated March 11, 2018 held by the Mann Group
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Post by seanismorris on Aug 7, 2019 15:22:31 GMT -5
I used my one “LOL” for today...to early.
For the quarter: Afrezza net revenue of $6.1 million
LOL, but with tears...
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Post by novafett on Aug 7, 2019 15:30:41 GMT -5
Is there going to be a shout box for today's call?
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Post by uvula on Aug 7, 2019 15:31:42 GMT -5
Is MC required to reveal the terms of the new loan?
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Post by mytakeonit on Aug 7, 2019 15:35:10 GMT -5
Sorry liane ... I guess I have to watch my posts more closely. Maybe put a disclaimer if it is a joke?
Hope everyone knows that there are good halts and bad halts. Running out of loose shares is a good halt, but it will never happen. One seller to one buyer ... not enough sellers and this puppy goes running.
Up 4 cents ... sure beats 1 cent. Wait for September.
But, that's mytakeonit
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Post by cjm18 on Aug 7, 2019 15:42:07 GMT -5
Exchange of Mann Group Note On August 5, 2019, MannKind entered into a privately-negotiated exchange agreement (the “Mann Group Exchange Agreement”) with The Mann Group LLC (the “Mann Group”), pursuant to which MannKind agreed to, among other things, (i) repay $3,000,000 in cash to the Mann Group, (ii) issue 7,142,857 shares of MannKind’s common stock to the Mann Group (at a conversion price of $1.12 per share) (the “Mann Group Exchange Shares”), (iii) issue a new convertible promissory note (the “Mann Group Convertible Note”) to the Mann Group in an aggregate principal amount of $35,000,000 and (iv) issue a new non-convertible promissory note (the “Mann Group Non-Convertible Note”) to the Mann Group in an aggregate principal amount of $35,050,750, in exchange for the cancellation of the $70.1 million in principal amount and accrued interest on the amended and restated promissory note dated March 11, 2018 held by the Mann GroupMann group playing nice. |
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Post by longliner on Aug 7, 2019 15:44:26 GMT -5
It looks to me like we are paying a 8.75% minimum interest rate on the new loan (depending on Libor rate) I guess that's the cost of our money. It's easy in retrospect to see who locked our price appreciation and why. I wonder who will never post here again with DF gone?  I will take a 275% beat on earnings over last (2018) 2nd quarter! I would love to see these words repeated in 2nd quarter 2020! |
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paul
Researcher
Posts: 134
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Post by paul on Aug 7, 2019 16:05:19 GMT -5
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paul
Researcher
Posts: 134
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Post by paul on Aug 7, 2019 16:08:51 GMT -5
Exchange of Mann Group Note On August 5, 2019, MannKind entered into a privately-negotiated exchange agreement (the “Mann Group Exchange Agreement”) with The Mann Group LLC (the “Mann Group”), pursuant to which MannKind agreed to, among other things, (i) repay $3,000,000 in cash to the Mann Group, (ii) issue 7,142,857 shares of MannKind’s common stock to the Mann Group (at a conversion price of $1.12 per share) (the “Mann Group Exchange Shares”), (iii) issue a new convertible promissory note (the “Mann Group Convertible Note”) to the Mann Group in an aggregate principal amount of $35,000,000 and (iv) issue a new non-convertible promissory note (the “Mann Group Non-Convertible Note”) to the Mann Group in an aggregate principal amount of $35,050,750, in exchange for the cancellation of the $70.1 million in principal amount and accrued interest on the amended and restated promissory note dated March 11, 2018 held by the Mann GroupMann group playing nice. I don't see that as very nice. If I understand it, Mann group gets 3 mil cash plus about 10 mil stock plus 70 mil in new notes. My question is why? The Mann debt wasn't due for several years as I recall. |
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Post by cjm18 on Aug 7, 2019 16:22:03 GMT -5
I don't see that as very nice. If I understand it, Mann group gets 3 mil cash plus about 10 mil stock plus 65 mil in new notes. My question is why? The Mann debt wasn't due for several years as I recall. Nevermind. Not playing nice. It’s two 35m notes. Not one. |
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Post by peppy on Aug 7, 2019 16:44:12 GMT -5
and the world is stunned MNKD is trading up slightly. on not much volume. because there seemed to be a glimmer of hope.
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Post by longliner on Aug 7, 2019 16:49:54 GMT -5
and the world is stunned MNKD is trading up slightly. on not much volume. because there seemed to be a glimmer of hope. LOL!  |
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paul
Researcher
Posts: 134
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Post by paul on Aug 7, 2019 16:50:37 GMT -5
I hope someone will take the time to sort out the details of the recapitalization. It was difficult for me to understand. Overriding for me was the whys. Why the Mann recapitalization since that was unsecured debt. Ditto the Bruce recapitalizaton? I presume it must have been a demand by Apollo but I don't see why.
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Post by nylefty on Aug 7, 2019 16:51:27 GMT -5
and the world is stunned MNKD is trading up slightly. on not much volume. because there seemed to be a glimmer of hope. Up 9% is a little more than slightly. |
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