We advised the company on the new facility, a $115 million exchange and a $6.25 million share sale

Davis Polk advised ADC Therapeutics SA and its subsidiaries in connection with entry into a new term loan credit facility, pursuant to which ADC Therapeutics may borrow up to $175 million principal amount of senior secured term loans, including (i) an initial tranche of $120 million principal amount of term loans funded on the closing date and (ii) up to two additional delayed draw term loan tranches, each of up to $27.5 million principal amount of term loans, the proceeds of which were used to finance the exchange of the senior secured convertible notes described below and for general corporate purposes. ADC Therapeutics additionally issued to the lenders warrants to purchase common shares.

In addition, Davis Polk advised ADC Therapeutics on the exchange of its $115 million aggregate principal amount of senior secured notes for warrants, common shares, and cash consideration.

Davis Polk also advised ADC Therapeutics on the sale common shares for gross proceeds of $6.25 million.

ADC Therapeutics is a commercial-stage biotechnology company improving the lives of those affected by cancer with its next-generation, targeted antibody drug conjugates (ADCs). The company is advancing its proprietary PBD-based ADC technology to transform the treatment paradigm for patients with hematologic malignancies and solid tumors.

The Davis Polk finance team included partners J.W. Perry and Nick Benham, counsel Jonathan B. Brown and associates Yuko Sin, June Jhe, Aaron Shubert and Eric Cummings. The capital markets team included partners Deanna L. Kirkpatrick and Yasin Keshvargar and associate David Li. Members of the Davis Polk team are based in the New York and London offices.

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