TG Therapeutics, Inc. (TGTX), a commercial stage biopharmaceutical company, Thursday announced that it has obtained a new five-year, $750 million senior secured credit facility with funds managed by Blue Owl Capital.
The company has to repay its outstanding $250 million senior secured credit facility, resulting in a net raise of $500 million in non-dilutive capital.
The new facility also provides for up to an additional $250 million of incremental capital, for a total facility size of up to $1 billion, available at the mutual discretion of TG and Blue Owl, the biopharma firm said in a statement.
In relation with this new facility, the company has been authorized to increase its share repurchase program from $100 million to $300 million.
As of March 18, the pharma firm has repurchased around $38 million of common stock under its existing buyback program at an average price of $28.98 per share.
In pre-market activity, TGTX shares were trading at $30.55, up 1.70% on the Nasdaq.
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