(Boursier.com) — AB Science SA received the payment of an amount of 6 million euros under the second tranche of the loan of 15 ME granted by the European Investment Bank (EIB).
As previously announced, the contract signed with the EIB provides for financing in two tranches of 6 million euros and a 3rd tranche of 3 ME, each subject to the fulfillment of certain conditions precedent, which are satisfied for both first slices.
Each loan tranche is accompanied by the issue of BSAs, the number of which is calculated in relation to a reference price of 14 euros.
The second tranche drawn by AB Science is also 6 ME. It has a maturity of 5 years and is therefore redeemable in January 2028. It is accompanied by a capitalized annual interest rate of 7% and the issue of 115,830 stock warrants each giving the right to subscribe to an ordinary share of AB Science at 14 euros for 15 years. These warrants represent 0.22% of the current capital of the company (if they were to be exercised in their entirety).
The EIB also has a put option at the intrinsic value (i.e. the difference between the market price and the exercise price) allowing it to require the Company to buy back all or part of the BSA then exercisable but not yet exercised, in certain circumstances (for example in the event of a change of control or on the date of redemption of the first tranche). In addition, the company has a right of first refusal to redeem all vouchers offered for sale to a third party, subject to certain exceptions.
On the basis of 115,830 new AB Science shares that can be issued upon exercise of all of these BSAs, the company could potentially receive gross proceeds amounting to 1,621,620 euros.
It is specified that there is no guarantee that the EIB will exercise all or part of the BSAs or that the Company will receive any proceeds resulting from the exercise of these BSAs.
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