Fortress Biotech takes out $60M loan for debt pur­pos­es; En­ta­sis pulls in $25M pri­vate place­ment for PhI­II tri­al

Fortress Biotech, the in­cu­ba­tor at the cen­ter of a stock mar­ket scan­dal two sum­mers ago, is tak­ing out a loan to re­fi­nance ex­ist­ing debt.

The com­pa­ny is bor­row­ing $60 mil­lion through Oak­tree Cap­i­tal Man­age­ment, with the loan ex­pect­ed to ma­ture in five years. Fortress will pay back the loan first with quar­ter­ly in­stall­ments of 11% in­ter­est un­til 2025, and then with the en­tire prin­ci­pal amount on the loan’s five-year an­niver­sary, ac­cord­ing to the SEC fil­ing.

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