- Credit and security agreement with MidCap Financial Trust repaid in full for approximately $31.6 million
- Convertible note issued to Mann Group LLC repaid in exchange for 1.5 million shares of common stock and approximately $8.9 million
- Total debt reduced since December 31, 2023 is approximately $41.8 million
DANBURY, Conn. and WESTLAKE VILLAGE, Calif., April 03, 2024 (GLOBE NEWSWIRE) -- MannKind Corporation (NASDAQ:MNKD), a company focused on the development and commercialization of inhaled therapeutic products and devices for patients with endocrine and orphan lung diseases, announced today that it has repaid in full all outstanding indebtedness under both its credit and security agreement with MidCap Financial Trust (the "Loan Agreement") and its convertible promissory note issued to Mann Group LLC (the "Note").
On April 1, 2024, MannKind made a payment to the lenders under the Loan Agreement of approximately $31.6 million, including a contractually obligated exit fee of $2.8 million and a prepayment fee of approximately $0.3 million, in full satisfaction of all of the Company's debt obligations under the Loan Agreement, which would have matured on August 1, 2025. In connection with the repayment of outstanding indebtedness by MannKind, all liens, mortgages and security interests in any assets or property securing the obligations under the Loan Agreement were automatically terminated and released and MannKind and its subsidiaries were automatically released from all guarantees.
In addition, on April ...