OPKO Health Files 8-K on Material Agreement & Financial Obligation

TL;DR

OPKO Health just signed a big deal and took on debt. Details TBD.

AI Summary

On July 17, 2024, OPKO Health, Inc. filed an 8-K report detailing a material definitive agreement and a direct financial obligation. The filing indicates the company entered into a new agreement and incurred a financial obligation, though specific details of the agreement and obligation are not provided in this excerpt.

Why It Matters

This filing signals a significant new financial commitment or partnership for OPKO Health, which could impact its future operations and financial standing.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting potential financial risks or opportunities that are not fully detailed.

Key Players & Entities

• OPKO Health, Inc. (company) — Registrant
• July 17, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock , par value $0.01 per share OPK NASDAQ Global Select M
• $250,000,000 — t of Two Hundred Fifty Million Dollars ($250,000,000). The Notes mature on July 17, 2044 and
• $50,000,000 — rize up to an additional Fifty Million ($50,000,000) in additional notes to the purchasers

Filing Documents

• opk20240717_8k.htm (8-K) — 34KB
• ex_699299.htm (EX-99.1) — 9KB
• ex_699299img001.jpg (GRAPHIC) — 4KB
• 0001437749-24-022919.txt ( ) — 183KB
• opk-20240717.xsd (EX-101.SCH) — 3KB
• opk-20240717_def.xml (EX-101.DEF) — 11KB
• opk-20240717_lab.xml (EX-101.LAB) — 15KB
• opk-20240717_pre.xml (EX-101.PRE) — 11KB
• opk20240717_8k_htm.xml (XML) — 3KB

01

ITEM 1.01. Entry into a Material Definitive Agreement. On July 17, 2024, OPKO Health, Inc. (the "Company") entered into a Note Purchase Agreement (the "Agreement") with certain purchasers party thereto from time to time, its wholly-owned subsidiaries OPKO Biologics Limited ("OBL") and EirGen Pharma Ltd. ("EirGen") as guarantors (OBL and EirGen collectively, the "Guarantors"), and HCR Injection SPV, LLC as agent ("Agent"), pursuant to which the Company issued senior secured notes ("Notes") in aggregate initial principal amount of Two Hundred Fifty Million Dollars ($250,000,000). The Notes mature on July 17, 2044 and bear interest at the 3-month Secured Overnight Financing Rate (SOFR) subject to a 4.0% per annum floor, plus 7.5% per annum. Interest is payable on the Notes on a quarterly basis determined by profit share payments received by EirGen pursuant to the profit share arrangement with Pfizer, Inc. (the "Royalty Payments"). In the event that the aggregate amount of the Royalty Payments received by EirGen during the quarter preceding any quarterly interest payment date are less than the accrued and unpaid interest payable on such date, the excess interest payable on such date shall be paid-in-kind and added to the outstanding principal amount of the Notes. Prior to July 17, 2028, the Company will not be required to make any principal payments on the Notes. Thereafter, principal payments will also be payable from the Royalty Payments until the principal amount is fully repaid at which time, all future Royalty Payments will be retained by the Company. The Company will be required to pay the purchasers a 3% exit fee in connection with any repayment in full of the Notes, whether at maturity or otherwise. In addition, in the event that the Company repays the Notes in full prior to the maturity date, the Company will be required to pay the purchasers a make whole payment in an amount necessary such that the purchasers shall have received aggregate payments of princ

03

ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The description in Item 1.01 is incorporated herein by reference.

01

ITEM 7.01 Regulation FD Disclosure. On July 17, 2024, the Company issued a press release announcing that it had entered into the Agreement. A copy of the press release is being filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information contained in Item 7.01 to this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the Company under the Exchange Act.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press Release of the Company dated July 17, 2024.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OPKO Health, Inc. By: /s/ Adam Logal Date: July 17, 2024 Name: Adam Logal Title: Sr. Vice President, Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR