Akin Gump Advises Pharmakon Advisors in its $350 Million Term Loan to Insmed
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(New York) – Akin Gump advised Pharmakon Advisors, LP, a leading investor in non-dilutive debt for the life sciences industry, in its $350 million senior secured term loan (Term Loan) to Insmed Incorporated (Nasdaq: INSM), a global biopharmaceutical company on a mission to transform the lives of patients with serious and rare diseases.
The five-year Term Loan matures in October 2027. The Term Loan bears interest at a rate based upon the secured overnight financing rate (SOFR), subject to a SOFR floor of 2.5%, in addition to a margin of 7.75% per annum. The Term Loan along with other strategic financings will be secured by an all-assets collateral package that is governed by the terms of an intercreditor agreement entered into among BioPharma Credit PLC, as collateral agent, OrbiMed Royalty & Credit Opportunities IV, LP and Insmed.
To learn more about the transaction, click here.
The deal team was led by tax partner Geoffrey Secol and included senior counsel Miriam Foley and associate Diandra Molina.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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