Revance Therapeutics Inc (RVNC)

[DewDiligence]

I expect RVNC to draw the final $150M from Athyrium, even if they don’t actually need that much capital. The additional capital will reassure RVNC’s existing and prospective injectors, thereby increasing sales at the margin. This will more than compensate for the incremental net-interest expense from the spread between the interest rate payable on the debt and the interest rate RVNC receives on its free cash.