Loan & DebtJun 17, 2026, 07:41 AM
Dyne Therapeutics Expands Debt Facility to $400M, Borrows $50M
AI Summary
Dyne Therapeutics, Inc. entered into a Second Amendment to its Loan and Security Agreement with Hercules Capital, Inc., expanding the debt facility to an aggregate of up to $400.0 million. The company immediately borrowed an additional $50.0 million, bringing its total outstanding principal to $200.0 million. The amendment also reduced the minimum cash covenant from 60% to 40% of outstanding obligations and extended its initial testing date, providing increased financial flexibility.
Key Highlights
- Expanded debt facility to an aggregate of up to $400.0 million.
- Borrowed an additional $50.0 million, increasing outstanding principal to $200.0 million.
- Remaining $200.0 million available in future tranches, subject to milestones or lender approval.
- Reduced minimum cash covenant from 60% to 40% of outstanding obligations.
- Initial cash covenant testing date moved from January 1, 2027 to July 1, 2027.
- Loan maturity date set for July 1, 2030.
- Interest rate is Wall Street Journal prime rate (min 7.50%) plus 2.45%.
Price Impact
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