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INSM > SEC Filings for INSM > Form 8-K on 26-Nov-2013All Recent SEC Filings

Show all filings for INSMED INC

Form 8-K for INSMED INC


Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation

Item 1.01. Entry into a Material Definitive Agreement.

On June 29, 2012, Insmed Incorporated (the "Company") and its domestic subsidiaries, as co-borrowers, entered into a Loan and Security Agreement (the "Loan Agreement") with Hercules Technology Growth Capital, Inc. ("Hercules"), under which the Company has borrowed an aggregate of $20 million. The term loan bears interest at a rate per annum equal to the greater of (i) 9.25% and
(ii) 9.25% plus the sum of the prevailing prime rate minus 4.50%. In accordance with the Loan Agreement, the Company currently is making interest-only payments. On November 25, 2013, the Company and Hercules entered into an amendment (the "Amendment") of the Loan Agreement. Pursuant to the Amendment, the interest-only period has been extended through June 30, 2014 and the first monthly principal payment is scheduled for July 1, 2014. The Amendment also allows the Company to further extend the interest-only period through December 31, 2014 and delay the first payment of principal until January 1, 2015, so long as the Company pays a $100,000 fee and obtains positive data from its Target-112 Phase II NTM Trial.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included under Item 1.01 is incorporated herein by reference.

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