X4 draws $80m from a new loan and repays $78.7m under its old facility

X4 Pharmaceuticals drew $80m from a new secured loan facility and used part of it to repay $78.7m under its prior facility, the company said in a Thursday filing.

The payoff included $75m of principal. The new facility permits another $70m of borrowing, but that tranche requires the lenders' discretionary approval.

Cash interest is the greater of 8.55 percent or the prime rate plus 1.55 percentage points. Another 1 percent accrues as paid-in-kind interest. The loans mature in October 2030.

The lenders may convert as much as $15m of principal into common shares at $3.2341 each, subject to adjustments and ownership limits. The second tranche is not committed.