Replies to post #688670 on NorthWest Biotherapeutics Inc (NWBO)

[Red_Right_Hand]

Investor082, November 10, 2023. First payment not due until 11/24. Prepayment with a 10% charge. Proceeds used for "the Company’s ongoing business operations."

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001072379/000110465923119165/tm2330851d1_8k.htm

Item 1.01. Entry into a Material Definitive Agreement.

Loan Entered Into

On November 10, 2023, Northwest Biotherapeutics, Inc. (the “Company”) entered into a Commercial Loan Agreement and Note (collectively, the “Loan Agreement”) with Streeterville Capital, LLC (the “Holder”) in the amount of $11,005,000. The Loan Agreement has a maturity of 24 months. Repayments do not start until November 10, 2024.

Following November 10, 2024, the Loan Agreement will be amortized in 12 equal monthly installments of principal at 110% of the pro rata amount, plus accrued interest. Interest on the Loan Agreement accrues at a rate of 8% per annum, and the Loan Agreement includes an original issue discount of ten percent. The Loan Agreement allows pre-payment at any time at the Company’s election. If the Company elects to pre-pay, the pre-payment would include a 10% charge. The Loan Agreement contains customary default provisions, including for potential acceleration.

The funds will be used for the Company’s ongoing business operations.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

[exwannabe]

Thanks. When was that 2023 loan initiated roughly that had prepayment penalty?

Just over 1 year ago. Exact same terms.

If that loan is not paid off (from this loan) then the payments on the new loan starts about when the old loan is paid off.

This is the third (or 4th) in the sequence of loans from SttateStreet. They are happy to keep getting 10% OID plus 8% interest year after year. Unknown if they have any hedges in place.