Rigel Pharmaceuticals Amends Credit Agreement

TL;DR

Rigel amended its credit deal with Hercules Capital on 4/11/24.

AI Summary

On April 11, 2024, Rigel Pharmaceuticals, Inc. entered into a Material Definitive Agreement, specifically a Second Amendment to its Credit and Security Agreement with Hercules Capital, Inc. This amendment modifies the terms of their existing credit facility.

Why It Matters

This amendment to Rigel's credit agreement with Hercules Capital could impact its financial flexibility and future borrowing capacity.

Risk Assessment

Risk Level: low — The filing is a routine amendment to an existing credit agreement and does not appear to involve new debt issuance or significant changes in financial obligations.

Key Players & Entities

• Rigel Pharmaceuticals, Inc. (company) — Registrant
• Hercules Capital, Inc. (company) — Lender
• April 11, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — h Registered Common Stock, par value $0.001 per share RIGL The Nasdaq Stock Mar
• $10.0 million — Borrower Unrestricted Cash of at least $10.0 million at all times, and (ii) upon Borrower Un

Filing Documents

• tm2411663d1_8k.htm (8-K) — 26KB
• 0001104659-24-046527.txt ( ) — 196KB
• rigl-20240411.xsd (EX-101.SCH) — 3KB
• rigl-20240411_lab.xml (EX-101.LAB) — 33KB
• rigl-20240411_pre.xml (EX-101.PRE) — 22KB
• tm2411663d1_8k_htm.xml (XML) — 4KB

01

Item 1.01. Entry into a Material Definitive Agreement. Amendment to Credit and Security Agreement with MidCap On April 11, 2024, Rigel Pharmaceuticals, Inc. (" Rigel ") entered into Amendment No. 4 (the " Amendment ") to that certain Credit and Security Agreement, dated as of September 27, 2019 (as further amended, supplemented or otherwise modified from time to time prior to the Amendment, the " Existing Credit Agreement ," and as amended by the Amendment, the " Amended Credit Agreement ") with Midcap Financial Trust (" MidCap "), as administrative agent, and the lenders party thereto (" Lenders "), pursuant to which MidCap and the Lenders agreed to amend the Existing Credit Agreement to, among other things, (i) extend the maturity date for the term loans to September 1, 2027 (the " Maturity Date "), (ii) extend the interest only period for the term loans to October 1, 2025, (iii) reset the prepayment fee applicable to the term loans, (iv) increase the exit fee payable on the term loans, (v) revise the interest rate payable on the term loans, and (vi) update certain financial covenants in connection with the new maturity date. The term loans under the Amended Credit Agreement may be prepaid in full or in part through September 30, 2025 with payment of a 1.5% prepayment premium, and thereafter they may be prepaid in full or in part through the date immediately prior to the Maturity Date with payment of a 1.0% prepayment premium. The interest rate applicable to the term loans under the Amended Credit Agreement is the secured overnight financing rate (" SOFR ") (as defined in the Existing Credit Agreement) plus 6.50%, subject to a SOFR floor of 4.00%. The amortization payments on the term loans under the Amended Credit Agreement start on October 1, 2025. All unpaid principal and accrued interest is due and payable in full no later than the Maturity Date. The Amended Credit Agreement requires that (i) Rigel maintains Borrower Unrestricted Cash of at least $10.0

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. Dated: April 12, 2024 RIGEL PHARMACEUTICALS, INC. By: /s/ Ray Furey, J.D. Ray Furey, J.D. Executive Vice President, General Counsel and Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR