Agenus Inc.
AGEN, a leading developer of therapeutic vaccines for cancer and
infectious diseases, reported today that it has retired its outstanding $39
million 8.00% senior secured convertible notes issued in 2006 due August 2014
(the "2006 Notes") with its holders. This debt has been eliminated in exchange
for $10 million in cash, 2,500,000 shares of common stock and a twenty percent
revenue interest from QS-21 Stimulon^® adjuvant partnered programs.
In connection with the retirement of the 2006 Notes, the company entered into
two separate financial transactions. The company has closed a senior secured
debt transaction for $5 million with Silicon Valley Bank. This debt has an
annual coupon payment of 6.75% and matures in 24 months. In addition, the
company has closed a separate senior subordinated debt offering with investors
for $5 million, with an annual coupon rate of 10%, and 500,000 warrants at an
exercise price of $4.41 per share. This debt matures in 24 months and can be
prepaid at any time without fees or penalties.
These transactions reduce the total debt obligation of the company to $10
million.
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