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Covington Represents Insmed in a $150M Upsize of its Existing Credit Facility with Pharmakon

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  • Covington Represents Insmed in a $150M Upsize of its Existing Credit Facility with Pharmakon

NEW YORK—Covington advised Insmed Incorporated into its entrance into an agreement to amend its $350 million term loan with investment funds managed by Pharmakon Advisors, LP. Under the terms of the amended agreement, investment funds managed by Pharmakon will provide an additional $150 million in proceeds, to be received in the fourth quarter of 2024. The maturity date for the full principal amount was extended to 2029.

The additional funds will be available to Insmed to invest in its business, including in the continued commercialization and growth of its product ARIKAYCE® (amikacin liposome inhalation suspension) globally in its current indication, and in the potential commercial availability of brensocatib for patients with bronchiectasis.

The Covington team for the term loan refinancing included Peter A. Schwartz, Brendon E. Francis, and Ariel E. Errar (Finance), Jamie Tribe, Christoph Schulz (UK Matters), Michael J. Riella, Sarah C. Griffiths, Julie M. Plyler, Bradley J. Schupack (Capital Markets and Securities), Ansgar Simon (Tax), and Michael Stern (FDA/Regulatory).

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