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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