Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 12

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 12
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 senior or equal in right of payment to the notes will be available to pay obligations on the notes only after the secured indebtedness has been repaid in full from these assets. There may not be sufficient assets remaining to pay amounts due on any or all of the notes then outstanding. The indenture governing the notes does not prohibit us from incurring additional senior debt or secured debt, nor does it prohibit any of our current or future subsidiaries from incurring additional liabilities. As of December 31, 2024, the outstanding principal amount of our consolidated indebtedness for borrowed money was $402.5 million, consisting of the notes. As of December 31, 2024, our subsidiaries had approximately $252.8 million of indebtedness and other liabilities (including trade payables, but excluding intercompany obligations and liabilities of a type not required to be reflected on a balance sheet of such subsidiaries in accordance with U.S. GAAP) to which the notes would have been structurally subordinated. We have a significant amount of debt. Our substantial indebtedness could adversely affect our business, financial condition and results of operations and our ability to meet our payment obligations under the notes and our other debt. As of December 31, 2024, the outstanding principal amount of our consolidated indebtedness for borrowed money was $402.5 million, consisting of the notes. This level of debt could have significant consequences on our future operations, including:

| • | making it more difficult for us to meet our payment and other obligations under the notes and our other debt; |

| • | resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our existing and/or future debt agreements, which event of default could result in all of our debt becoming immediately due and payable; |

| • | reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes; |

| • | preventing us from raising funds necessary to repurchase the notes following a fundamental change or to pay cash, if required as described herein, with respect to notes being converted; |

| • | limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy; and |

| • | placing us at a competitive disadvantage compared to our competitors that have less debt or are less leveraged and that, therefore, may take advantage of opportunities that