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, 2015

Long-term debt to Israel Discount Bank (“IDB”) and National Securities Corporation (“NSC”) consists of the following as of December 31, 2015 and December 31, 2014:

	As of December 31,
($ in thousands)	2015		2014		Interest Rate			Maturity
IDB Note	$	14,009	$	14,009		2.25	%		Feb - 2017
NSC Note		10,000		-		8.00	%		Mar - 2018
Total notes payable, long-term		24,009		14,009
Less: Discount on notes payable		835		6
Total notes payable, long-term, net	$	23,174	$	14,003

Schedule Of Interest Expenses For Debt Arrangements

The following table shows the details of interest expense for all debt arrangements during the periods presented. Interest expense includes contractual interest and amortization of the debt discount and amortization of fees represents fees associated with loan transaction costs, amortized over the life of the loan:

	For the Years Ended December 31,
($ in thousands)	2015		2014		2013
IDB Note
Interest	$	314	$	292	$	-
Accretion of debt discount		5		4		-
Total IDB Note		319		296		-

NSC Debt
Interest		690		-		-
Accretion of debt discount		309		-		-
Total NSC Debt		999		-		-

Ovamed Manufacturing Agreement
Interest		166		154		136
Total Ovamed		166		154		136

Hercules Debt
Interest (1)		-		845		1,767
Amortization of fees		-		43		20
Total Hercules Debt		-		888		1,787
Total Interest Expense	$	1,484	$	1,338	$	1,923

(1)

Interest expense related to the Company’s loan with Hercules was $0.8 million and $1.7 million, including $0.4 million and $0.3 million related to accretion of the debt discount for the years ended December 31, 2014 and 2013 respectively.