Improves cost of capital Increases committed
capital to a total facility size of $215M
Xeris Biopharma Holdings, Inc. (Nasdaq: XERS), a growth-oriented
biopharmaceutical company committed to improving patients’ lives by
developing and commercializing innovative products across a range
of therapies, today announced it has entered into an amended and
restated senior secured term loan agreement (“debt facility”) with
funds managed by Hayfin Capital Management LLP (“Hayfin”) to
provide Xeris $200.0 million of capital at close and the ability to
draw down another $15.2 million to redeem Xeris’ outstanding 5.00%
convertible senior notes due 2025.
“We are very pleased with the outcome of this refinancing
transaction with Hayfin. This upsized facility, along with cash
generation from our existing products and partnerships, allows us
greater flexibility to continue to invest in the growth of our
business. In addition to the new capital, we reduced our borrowing
interest rate by 2.05% per year, which validates the strong
creditworthiness of the company,” said Steven M. Pieper, Xeris’
Chief Financial Officer. “Hayfin has proven to be a committed
partner that believes in our strategy and ability to execute and is
willing to further support our growing enterprise.”
Under the terms of the new debt facility, Xeris drew down $200.0
million on the closing date to repay its existing term loan of
$150.0 million with Hayfin, plus associated interest and fees,
which resulted in an increase of approximately $35 million to
Xeris’ cash balance. Net proceeds are for working capital and
general corporate purposes. An additional $15.2 million of the debt
facility is available to redeem, if needed, Xeris’ outstanding
5.00% convertible senior notes due mid-2025. The maturity of the
debt facility is five (5) years from the closing date. Amounts
borrowed under the debt facility bear interest at an annual rate
equal to 6.95% plus the greater of (i) CME Term SOFR, and (ii) two
percent (2.00%) per annum. Xeris is entitled to make interest-only
payments on a quarterly basis until the maturity date or earlier
prepayment of the loan. During the term of the loan, Xeris is
required to maintain certain minimum liquidity and revenue
requirements.
Andrew Merrill, Managing Director of Healthcare at Hayfin said,
“We are pleased to continue to invest in Xeris through this new
senior secured loan. Since our initial engagement two years ago,
Xeris has demonstrated its ability to develop and bring to market
products with clear, valuable benefits to patients, which also
garner strong market adoption. These compelling attributes are
hallmarks of our lending strategy and give us confidence to
continue supporting Xeris’ strong growth.”
Evercore acted as sole financial advisor to Xeris on this
transaction.
About Xeris Biopharma Holdings, Inc. Xeris (Nasdaq: XERS)
is a growth-oriented biopharmaceutical company committed to
improving patients’ lives by developing and commercializing
innovative products across a range of therapies. Xeris has three
commercially available products: Gvoke®, a ready-to-use liquid
glucagon for the treatment of severe hypoglycemia; Keveyis®, a
proven therapy for primary periodic paralysis; and Recorlev® for
the treatment of endogenous Cushing’s syndrome. Xeris also has a
robust pipeline of development programs to extend the current
marketed products into important new indications and uses, bring
new products forward using its proprietary formulation technology
platforms, XeriSol™ and XeriJect®, and support long-term product
development and commercial success.
Xeris Biopharma Holdings is headquartered in Chicago, IL. For
more information, visit www.xerispharma.com, or follow us on X,
LinkedIn or Instagram.
About Hayfin Capital Management LLP Founded in 2009,
Hayfin Capital Management (“Hayfin”) is a leading alternative asset
management firm with c. €31 billion in assets under management.
Hayfin focuses on delivering attractive risk-adjusted returns for
its investors across its private debt, liquid credit and private
equity solutions businesses.
Hayfin has a diverse international team of over 200 experienced
industry professionals with offices globally, including
headquarters in London and offices in Dubai, Frankfurt, Luxembourg,
Madrid, Milan, Munich, New York, Paris, Stockholm, San Diego,
Singapore, and Tokyo.
Further information can be found at hayfin.com.
Forward-Looking Statements Any statements in this press
release other than statements of historical fact are
forward-looking statements. Forward-looking statements include, but
are not limited to, statements about future expectations, plans and
prospects for Xeris Biopharma Holdings, Inc., including statements
regarding plans, projections and estimates regarding the use of
proceeds from the amended and restated term loan facility, the
timing or likelihood of redeeming an additional debt facility under
the amended and restated term loan facility, the further support of
Hayfin, and other statements containing the words “will,” “would,”
“continue,” “expect,” “should,” “anticipate” and similar
expressions, constitute forward-looking statements within the
meaning of The Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from those indicated in the forward-looking statements. These
forward-looking statements are based on numerous assumptions and
assessments made in light of Xeris’ experience and perception of
historical trends, current conditions, business strategies,
operating environment, future developments, geopolitical factors
and other factors it believes appropriate. By their nature,
forward-looking statements involve known and unknown risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the future. The various factors
that could cause Xeris’ actual results, performance or
achievements, industry results and developments to differ
materially from those expressed in or implied by such
forward-looking statements, include, but are not limited to, its
financial position and need for financing, including to fund its
product development programs or commercialization efforts, whether
its products will achieve and maintain market acceptance in a
competitive business environment, its reliance on third-party
suppliers, including single-source suppliers, its reliance on third
parties to conduct clinical trials, the ability of its product
candidates to compete successfully with existing and new drugs, and
its and collaborators’ ability to protect its intellectual property
and proprietary technology. No assurance can be given that such
expectations will be realized and persons reading this
communication are therefore cautioned not to place undue reliance
on these forward-looking statements. Additional risks and
information about potential impacts of financial, operational,
economic, competitive, regulatory, governmental, technological, and
other factors that may affect Xeris can be found in Xeris’ filings,
including its most recently filed Quarterly Report on Form 10-Q
filed with the Securities and Exchange Commission, the contents of
which are not incorporated by reference into, nor do they form part
of, this communication. Forward-looking statements in this
communication are based on information available to us, as of the
date of this communication and, while we believe our assumptions
are reasonable, actual results may differ materially. Subject to
any obligations under applicable law, we do not undertake any
obligation to update any forward-looking statement whether as a
result of new information, future developments or otherwise, or to
conform any forward-looking statement to actual results, future
events, or to changes in expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20240306343645/en/
Investor Contact: Allison Wey Senior Vice President,
Investor Relations and Corporate Communications
awey@xerispharma.com
Xeris Biopharma (NASDAQ:XERS)
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