Company: PGEN
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001356090-25-000034
Chunk: 2

Company: PRECIGEN, INC.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 3
Chunk 2
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5, we and certain of our subsidiaries party thereto as guarantors entered into a Loan Agreement (the “Loan

Agreement”) with BioPharma Credit Investments V (Master) LP and BPCR Limited Partnership as the lenders thereunder (the

“Lenders”) and BioPharma Credit PLC as the collateral agent, each of which are investment entities managed by Pharmakon

Advisors, LP. The Loan Agreement provides for a 5-year senior secured term loan facility of up to $125.0 million, composed of

two committed tranches: (i) an initial tranche in an aggregate principal amount of $100.0 million, which was funded on

September 3, 2025; and (ii) a delayed draw tranche in an aggregate principal amount of $25.0 million, which is available,

subject to certain conditions, until June 29, 2027 (such tranches, collectively, the “Term Loans”). The Term Loans mature on

September 3, 2030 (the “Maturity Date”). The Term Loans bear interest at Term SOFR (three-month tenor), subject to a 3.75%

floor, plus 6.50%, payable quarterly. The Term Loans amortize in eight equal quarterly installments beginning on September

29, 2028 through the Maturity Date. The Term Loans may be voluntarily prepaid in whole (but not in part), and are subject to

make-whole, prepayment premium and exit fees, and must be prepaid upon a Change in Control (as defined in the Loan

Agreement).

Our obligations under the Loan Agreement are secured by substantially all of our U.S. assets, including intellectual property.

Certain of our subsidiaries will, on and after September 3, 2025, be required to guarantee our obligations under the Loan

Agreement and, in connection with such guarantee, pledge substantially all of their assets, including intellectual property, to

secure such guarantee. The Loan Agreement contains customary affirmative and restrictive covenants and representations and

warranties, which place restrictions on our operating and financial flexibility. We and our subsidiaries are bound by certain

affirmative covenants, including, without limitation, (i) information delivery requirements, (ii) obligations to maintain

insurance, (iii) preservation of intellectual property and regulatory approvals, and (iv) compliance with applicable laws.

Additionally, we and our subsidiaries are subject to certain restrictive covenants, including, without limitation, (i