Revance Therapeutics Inc (RVNC)

[DewDiligence]

Re: Third-tranche buyers

In all likelihood, RVNC lined up buyers for the non-Athyrium portion of the third $150M tranche some time ago; however, a problem arose when the buyers decided to play hardball and insisted on better credit terms.

RVNC’s hurried equity raise provides a material step-up in credit quality for bondholders and thereby satisfies the above demand. RVNC should now be good to go for the final $150M drawdown on or before 3/31/24.