Axsome Therapeutics Enters $570 Million Term Loan and Revolving Credit Facility with Blackstone
Axsome Therapeutics (NASDAQ: AXSM) has secured a $570 million term loan and revolving credit facility with Blackstone, replacing its previous Hercules Capital term loan. The facility consists of a $500 million term loan and a $70 million revolving credit facility. The company initially drew $120 million to retire its previous loan.
The new facility offers improved terms, including interest rates of SOFR plus 4.75% for the term loan and SOFR plus 4.0% for the revolving credit facility, with a 60-month interest-only period and maturity in May 2030. Additionally, Blackstone purchased $15 million of Axsome common stock at $107.14 per share. The company can access an additional $250 million at its option, with another $200 million available subject to Blackstone's approval.
Axsome Therapeutics (NASDAQ: AXSM) ha ottenuto una linea di credito a termine e revolving da 570 milioni di dollari con Blackstone, sostituendo il precedente prestito a termine con Hercules Capital. La struttura finanziaria comprende un prestito a termine da 500 milioni di dollari e una linea di credito revolving da 70 milioni di dollari. La società ha inizialmente prelevato 120 milioni di dollari per estinguere il prestito precedente.
La nuova linea offre condizioni migliorate, con tassi di interesse pari a SOFR più 4,75% per il prestito a termine e SOFR più 4,0% per la linea revolving, con un periodo di soli interessi di 60 mesi e scadenza a maggio 2030. Inoltre, Blackstone ha acquistato 15 milioni di dollari di azioni ordinarie Axsome a 107,14 dollari per azione. La società può accedere a ulteriori 250 milioni di dollari a sua discrezione, con altri 200 milioni di dollari disponibili previa approvazione di Blackstone.
Axsome Therapeutics (NASDAQ: AXSM) ha asegurado una línea de crédito a plazo y revolvente por 570 millones de dólares con Blackstone, reemplazando su préstamo anterior con Hercules Capital. La facilidad consiste en un préstamo a plazo de 500 millones de dólares y una línea de crédito revolvente de 70 millones de dólares. La compañía inicialmente retiró 120 millones de dólares para cancelar su préstamo anterior.
La nueva facilidad ofrece mejores condiciones, incluyendo tasas de interés de SOFR más 4.75% para el préstamo a plazo y SOFR más 4.0% para la línea revolvente, con un período de solo intereses de 60 meses y vencimiento en mayo de 2030. Además, Blackstone compró 15 millones de dólares en acciones comunes de Axsome a 107.14 dólares por acción. La compañía puede acceder a un adicional de 250 millones de dólares a su elección, con otros 200 millones de dólares disponibles sujeto a la aprobación de Blackstone.
Axsome Therapeutics (NASDAQ: AXSM)는 이전 Hercules Capital의 만기 대출을 대체하는 5억 7천만 달러 규모의 만기 대출 및 회전 신용 시설을 Blackstone과 체결했습니다. 이 시설은 5억 달러 만기 대출과 7천만 달러 회전 신용 시설로 구성되어 있습니다. 회사는 이전 대출 상환을 위해 처음에 1억 2천만 달러를 인출했습니다.
새 시설은 만기 대출에 대해 SOFR + 4.75%, 회전 신용 시설에 대해 SOFR + 4.0%의 금리 등 개선된 조건을 제공하며, 60개월간 이자만 납부하는 기간과 2030년 5월 만기를 갖습니다. 또한 Blackstone은 Axsome 보통주를 주당 107.14달러에 1,500만 달러어치 매입했습니다. 회사는 선택적으로 추가로 2억 5천만 달러에 접근할 수 있으며, Blackstone의 승인에 따라 추가 2억 달러도 이용 가능합니다.
Axsome Therapeutics (NASDAQ : AXSM) a obtenu une facilité de prêt à terme et de crédit renouvelable de 570 millions de dollars avec Blackstone, remplaçant son précédent prêt à terme avec Hercules Capital. Cette facilité se compose d'un prêt à terme de 500 millions de dollars et d'une ligne de crédit renouvelable de 70 millions de dollars. La société a initialement tiré 120 millions de dollars pour rembourser son prêt précédent.
La nouvelle facilité offre des conditions améliorées, incluant des taux d'intérêt de SOFR plus 4,75 % pour le prêt à terme et SOFR plus 4,0 % pour la ligne de crédit renouvelable, avec une période d'intérêts uniquement de 60 mois et une échéance en mai 2030. De plus, Blackstone a acheté 15 millions de dollars d'actions ordinaires Axsome au prix de 107,14 dollars par action. La société peut accéder à un montant supplémentaire de 250 millions de dollars à sa discrétion, avec encore 200 millions de dollars disponibles sous réserve de l'approbation de Blackstone.
Axsome Therapeutics (NASDAQ: AXSM) hat eine 570 Millionen US-Dollar Term-Darlehens- und revolvierende Kreditfazilität mit Blackstone gesichert und ersetzt damit ihr vorheriges Term-Darlehen von Hercules Capital. Die Fazilität besteht aus einem 500 Millionen US-Dollar Term-Darlehen und einer 70 Millionen US-Dollar revolvierenden Kreditfazilität. Das Unternehmen hat zunächst 120 Millionen US-Dollar abgerufen, um das vorherige Darlehen abzulösen.
Die neue Fazilität bietet verbesserte Konditionen, darunter Zinssätze von SOFR plus 4,75 % für das Term-Darlehen und SOFR plus 4,0 % für die revolvierende Kreditfazilität, mit einer 60-monatigen Zinszahlungsphase und Fälligkeit im Mai 2030. Zusätzlich hat Blackstone 15 Millionen US-Dollar an Axsome-Stammaktien zum Preis von 107,14 US-Dollar pro Aktie erworben. Das Unternehmen kann optional weitere 250 Millionen US-Dollar abrufen, wobei weitere 200 Millionen US-Dollar vorbehaltlich der Zustimmung von Blackstone verfügbar sind.
- Expanded total available credit facility by over $200 million
- Significant reduction in interest expense expected
- 60-month interest-only payment period
- Additional $450 million available for future drawdown
- Strategic investment of $15 million in common stock by Blackstone
- Increased debt load with new $570 million facility
- Variable interest rate exposure in rising rate environment
Insights
Axsome secured $570M facility from Blackstone with improved terms, reducing interest expense while expanding capital access by $200M.
Axsome Therapeutics has significantly strengthened its financial position by securing a
The structure and terms of this facility provide Axsome with substantial financial flexibility. The company can optionally access an additional
This refinancing directly addresses Axsome's capital structure by improving debt terms and lowering interest burden, which management explicitly states will "result in a significant reduction in interest expense." The 5-year interest-only period and extended 2030 maturity date substantially improve near-term cash flow. Additionally, Blackstone's
For a CNS-focused biopharma company with commercialized products, this enhanced financial flexibility provides runway to accelerate their path to profitability while continuing to fund their pipeline development. The transaction indicates strong institutional confidence in Axsome's commercial execution and growth potential in the CNS therapeutic area.
Previous term loan facility retired
NEW YORK, May 13, 2025 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) disorders, today announced that it has entered into a
“The new agreement with Blackstone simultaneously expands our total available credit facility by more than
“Blackstone is proud to partner with Axsome at a time of growth and expanding commercial opportunity,” said Craig Shepherd and Kiran Reddy, MD, Senior Managing Directors with Blackstone Life Sciences. “This investment is designed to reinforce the company’s operational and financial agility to support its next phase of growth, and it is a testament to Blackstone’s ability to deliver customized and flexible financing solutions to help leading biopharma companies achieve their strategic objectives.”
Brad Colman, Global Head of Healthcare with Blackstone Credit & Insurance, added, “Axsome’s proven commercial success, innovative pipeline, and strong leadership team make it an ideal partner as we continue to invest in transformative therapies to help patients. This transaction exemplifies how we can provide scaled credit solutions to world-class life sciences companies.”
The new
Additional details regarding the financing agreement are available in the Company’s Form 8-K to be filed with the Securities and Exchange Commission.
About Axsome Therapeutics
Axsome Therapeutics is a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and develop differentiated products with a focus on novel mechanisms of action that enable meaningful advancements in patient outcomes. Our industry-leading neuroscience portfolio includes FDA-approved treatments for major depressive disorder, excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea, and migraine, and multiple late-stage development programs addressing a broad range of serious neurological and psychiatric conditions that impact over 150 million people in the United States. Together, we are on a mission to solve some of the brain’s biggest problems so patients and their loved ones can flourish. For more information, please visit us at www.axsome.com and follow us on LinkedIn and X.
About Blackstone Life Sciences
Blackstone Life Sciences (BXLS) is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, BXLS helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has
About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset-based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.
Forward Looking Statements
Certain matters discussed in this press release are “forward-looking statements”. The Company may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. In particular, the Company’s statements regarding trends and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the commercial success of the Company’s SUNOSI®, AUVELITY®, and SYMBRAVO® products and the success of the Company’s efforts to obtain any additional indication(s) with respect to solriamfetol and/or AXS-05; the Company’s ability to maintain and expand payer coverage; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund the Company’s disclosed clinical trials, which assumes no material changes to the Company’s currently projected revenues or expenses), futility analyses and receipt of interim results, which are not necessarily indicative of the final results of the Company’s ongoing clinical trials, and/or data readouts, and the number or type of studies or nature of results necessary to support the filing of a new drug application (“NDA”) for any of the Company’s current product candidates; the Company’s ability to fund additional clinical trials to continue the advancement of the Company’s product candidates; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration (“FDA”) or other regulatory authority approval of, or other action with respect to, the Company’s product candidates, including statements regarding the timing of any NDA submission; the Company’s ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the successful implementation of the Company’s research and development programs and collaborations; the success of the Company’s license agreements; the acceptance by the market of the Company’s products and product candidates, if approved; the Company’s anticipated capital requirements, including the amount of capital required for the commercialization of SUNOSI, AUVELITY, and SYMBRAVO and for the Company’s commercial launch of its other product candidates, if approved, and the potential impact on the Company’s anticipated cash runway; the Company’s ability to convert sales to recognized revenue and maintain a favorable gross to net sales; unforeseen circumstances or other disruptions to normal business operations arising from or related to domestic political climate, geo-political conflicts or a global pandemic and other factors, including general economic conditions and regulatory developments, not within the Company’s control. The factors discussed herein could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Axsome Contacts:
Investors:
Mark Jacobson
Chief Operating Officer
(212) 332-3243
mjacobson@axsome.com
Media:
Darren Opland
Director, Corporate Communications
(929) 837-1065
Blackstone:
David Vitek
(212) 583-5291
David.Vitek@blackstone.com
FAQ
What are the terms of AXSM's new $570 million credit facility with Blackstone?
How much did Blackstone invest in AXSM stock as part of the credit agreement?
How much additional funding can AXSM access under the new Blackstone facility?
What was the initial drawdown amount from AXSM's new Blackstone facility?
How will the new Blackstone facility affect AXSM's financial position?
