Fennec Pharmaceuticals announces the full redemption of all outstanding convertible notes issued to Petrichor Opportunities Fund I LP and Petrichor Opportunities Fund I Intermediate LP.
The redemption was funded through the proceeds from the Company's underwritten public offering in the United States and concurrent private placement in Canada.
After the redemption, Fennec Pharmaceuticals has no outstanding debt.
Debt Redemption
Fennec Pharmaceuticals repurchased and redeemed all outstanding convertible notes, totaling $21,729,455.30.
Source of Funding
The redemption was funded through the Company's underwritten public offering and private placement.
Debt Details
Before redemption, the Petrichor notes bore interest at a rate equal to the prime rate with a floor of 3.5%.
- The redemption of the convertible notes eliminates Fennec Pharmaceuticals' outstanding debt, strengthening its financial position.
- The successful funding through the public offering and private placement reflects investor confidence in the Company's growth prospects.
Fennec Pharmaceuticals' strategic move to redeem its debt showcases a commitment to financial health and stability.