TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
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The Importance of Stretching
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
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It’s a Marathon, Not a Sprint
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It’s Not Too Late – Five Member Benefits to Cash In On Now
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It’s Time To Break Up With Your Phone
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
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How to be a Good Leader
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
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A Commercial Banker’s Tickler Transition Plan
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
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The Lost Art of the Loan Purchase
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Audit Prep: Why a Paperless Approach Makes Sense
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Back Office Support Services: Helping you approve more clients
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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January 2, 2024
Source: Nasdaq
(RTTNews) - Verona Pharma plc (VRNA) on Tuesday announced that its unit Verona Pharma, Inc. has entered into a debt financing with Oxford Finance LLC and Hercules Capital, Inc. (HTGC) to the tune of up to $400 million.
The debt facility is expected to support and fund the commercial launch of ensifentrine, a first-in-class product candidate which is being reviewed by the FDA for the maintenance treatment of chronic obstructive pulmonary disease.
The latest debt facility replaces the existing facility of up to $150 million with an affiliate of Oxford.
Under the terms, the company has already drawn $50 million, and can draw an additional $100 million upon approval of ensifentrine. It can further draw $150 million in two separate tranches upon achievement of certain net sales milestones as well as another $100 million to support strategic initiatives.
In return, the company will only pay interest for the first 53 months with the outstanding principal to be amortized over the subsequent seven months.
On closing of the debt facility, the $20 million drawn and fees will be paid to Oxford. On Friday, Verona shares closed at $19.88, down 1.39% on the Nasdaq.
