Fortress Biotech, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Debt and Interest (Tables)

Debt and Interest (Tables)

12 Months Ended

Dec. 31, 2020

Total debt consists of the following:


	December 31,
($ in thousands)	2020		2019		Interest rate		Maturity
IDB Note	$	—	$	14,929	2.25	%	Aug - 2021
2017 Subordinated Note Financing³		—		3,254	8.00	%	March - 2022
2017 Subordinated Note Financing³		—		13,893	8.00	%	May - 2022
2017 Subordinated Note Financing³		—		1,820	8.00	%	June - 2022
2017 Subordinated Note Financing³		—		3,018	8.00	%	August - 2022
2017 Subordinated Note Financing³		—		6,371	8.00	%	September - 2022
2018 Venture Notes⁴		—		6,517	8.00	%	August - 2021
2018 Venture Notes⁴		—		15,190	8.00	%	September - 2021
2019 Notes¹		—		9,000	12.00	%	September - 2021
Mustang Horizon Notes²		—		15,750	9.00	%	October - 2022
Oaktree Note		60,000		—	11.00	%	August - 2025
Total notes payable		60,000		89,742
Less: Discount on notes payable		8,323		5,086
Total notes payable	$	51,677	$	84,656

Note 1: Formerly the Opus Credit Facility (see Note 17).

Note 2: Interest rate is 9.0% plus one-month LIBOR Rate in excess of 2.5%; at December 31, 2019, $1.2 million is included in Notes payable, short-term on the Consolidated Balance Sheet.

Note 3: As a result of a one year maturity date extension, the interest rate of 9.0% takes effect in year 4 of the note.

Note 4: At December 31, 2019, $6.0 million is included in Notes payable, short-term on the Consolidated Balance Sheet.

Interest Expense for all Debt Arrangements


	Year Ended December 31,
	2020						2019
($ in thousands)	Interest		Fees		Total		Interest		Fees		Total
IDB Note	$	246	$	—	$	246	$	356	$	-	$	356
2017 Subordinated Note Financing¹		2,870		1,890		4,760		4,220		1,381		5,601
2019 Notes		710		—		710		1,113		336		1,449
2018 Venture Notes¹		1,253		1,000		2,253		1,737		639		2,376
LOC Fees		34		—		34		60		—		60
Mustang Horizon Notes^1,3		1,585		2,321		3,906		1,042		710		1,752
Oaktree Note¹		2,311		411		2,722		—		—		—
Note Payable²		697		—		697		—		255		255
Other		(2)		—		(2)		—		—		—
Total Interest Expense and Financing Fee	$	9,704	$	5,622	$	15,326	$	8,528	$	3,321	$	11,849

Note 1:For the year ended December 31, 2020, includes $1.2 million expense of unamortized debt discount fees for the 2017 Subordinated Note Financing, $0.3 million for the 2018 Venture Notes and $1.8 million for the Mustang Horizon Notes.

Note 2: Imputed interest expense related to Ximino purchase (see Note 9).

Note 3: Includes $0.6 million of prepayment penalties included in interest expense for the Mustang Horizon Notes.