Kiadis announces the place­ment of €5 mil­lion con­vert­ible bonds with Kreos

  • 9% secured con­vert­ible bonds replace €5 mil­lion in Kreos debt
  • Conversion price €2 per share 
  • Remaining Kreos debt facil­i­ties reduced to €1.6 mil­lion  

Amsterdam, The Netherlands, October 1, 2020 – Kiadis Pharma N.V. (“Kiadis” or the “Company”) (Euronext Amsterdam and Brussels: KDS), a clin­i­cal-stage bio­phar­ma­ceu­ti­cal com­pa­ny devel­op­ing inno­v­a­tive NK-cell-based med­i­cines for the treat­ment of life-threat­en­ing dis­eases, announces the place­ment of €5 mil­lion of secured con­vert­ible bonds to Kreos Capital V (UK) Limited (“Kreos”) in con­sid­er­a­tion for Kreos waiv­ing the equiv­a­lent amount of €5 mil­lion in cash repay­ments under the Kreos debt facil­i­ties that the Company entered into with Kreos in 2017 and 2018. As a result of the place­ment of the bonds, the out­stand­ing amount under the Kreos debt facil­i­ties has decreased to €1.6 mil­lion.

Arthur Lahr, chief exec­u­tive offi­cer of Kiadis, com­ment­ed, “The restruc­tur­ing of our debt with Kreos reduces our cash burn. We have been pay­ing €1.9 mil­lion per quar­ter in cash instal­ments of prin­ci­pal and inter­est to Kreos and the exe­cu­tion of these con­vert­ible bonds elim­i­nates those pay­ments well into 2021 and reduces our remain­ing Kreos debt bur­den to €1.6 mil­lion.”

Maurizio PetitBon, gen­er­al part­ner of Kreos Capital, com­ment­ed, “We have been an investor in Kiadis for many years and are very pleased with Kiadis’ devel­op­ments espe­cial­ly with its recent refo­cus on its pro­pri­etary K-NK plat­form. The con­ver­sion of a size­able por­tion of our loan into a con­vert­ible struc­ture is a con­fir­ma­tion of our belief in the long-term poten­tial of both the Company and its K-NK plat­form.”

The bonds are unlist­ed, will be issued at par and will car­ry a coupon of 9.00% per annum, with inter­est on the bonds paid at matu­ri­ty. The bonds can be con­vert­ed into ordi­nary shares of the Company with the con­ver­sion price being €2.00, sub­ject to adjust­ment in the case of share split or con­sol­i­da­tion. The bonds are due September 30, 2021 but this due date may be extend­ed by Kreos to September 30, 2022.

Leave a Reply

Your email address will not be published. Required fields are marked *