aibioCaris Life Sciences takes $400,000,000 term loan from Blue Owl and Blackstone funds
Tickers CAI
Caris Life Sciences took a $400,000,000 term loan from funds managed by Blue Owl and Blackstone to repay its 2023 credit agreement. The new deal also adds a $300,000,000 delayed draw facility for acquisitions, and the company already reported $796.3 million of cash at the end of 2025.
Key facts
- Company
- Caris Life Sciences, Inc. (NASDAQ: CAI)
- News type
- Debt Financing
- Primary source
- Caris Life Sciences, Inc. Form 8-K filed April 2, 2026 (SEC EDGAR)
Caris Life Sciences, Inc. (Nasdaq: CAI) entered into a senior secured financing agreement on April 1, 2026 that includes an initial term loan of $400,000,000, funded that day. The company used the proceeds to repay all outstanding indebtedness under its previous credit agreement. The lenders are funds managed by Blue Owl Capital and Blackstone. Caris disclosed the loan in a Form 8-K filed April 2, 2026.
The facilities
Caris, a Texas corporation, signed the agreement with certain subsidiaries as guarantors. Blue Owl Capital Corporation is administrative agent for the lenders. The deal has three parts. The first is the $400,000,000 initial term loan, which matures in April 2031. The second is a committed delayed draw term loan facility of up to $300,000,000 in total, available through August 2027, which Caris and its subsidiaries may use only for permitted acquisitions as the agreement defines them. The third is an uncommitted incremental facility of up to $500,000,000, with its margin to be set by a later amendment.
Interest on the initial term loan and delayed draw loans is a Term SOFR Rate plus a margin of 5.00%, or a Base Rate plus 4.00%, at Caris' choice. The loans are guaranteed jointly and severally by certain subsidiaries and secured on a first priority basis by substantially all tangible and intangible personal property, including a pledge of the capital stock of the direct subsidiaries. A prepayment premium applies in some cases.
The agreement sets what the filing calls usual and customary covenants, covering reporting, debt, liens, investments, asset sales and affiliate transactions. Caris must also keep at least $50 million of qualified cash, meaning unrestricted cash or marketable securities in controlled accounts, tested on the last day of each fiscal quarter. Failure to pay, covenant breaches, bankruptcy and a change of control are events of default, and the lenders may then accelerate what is owed.
The loan it replaces
Under Item 1.02, Caris reports that it used the initial term loan to repay all debt under its credit agreement dated as of January 18, 2023. That agreement was with its subsidiaries, a group of lenders and Wilmington Trust, National Association, as administrative agent. Caris terminated all guarantees and security interests granted under it. The company says it will file the new agreement as an exhibit to its quarterly report on Form 10-Q for the quarter ending March 31, 2026.
Advisers and banks
The filing names Blue Owl Capital Corporation as administrative agent, and funds managed by Blue Owl Capital and Blackstone as lenders. It does not name an underwriter, placement agent, financial adviser or legal counsel to Caris or to the lenders. Senior Vice President, Chief Financial Officer and Chief Accounting Officer Luke Power signed the 8-K.
The company's numbers
The 10-K filed March 3, 2026 shows revenue of $812.0 million for 2025, against $412.3 million for 2024. It reports a net loss of $68.1 million for 2025, against $281.9 million for 2024. Cash provided by operations was $83.2 million in 2025, after cash used in operations of $245.2 million in 2024. Year-end cash and cash equivalents were $796.3 million at December 31, 2025, against $64.0 million a year earlier.
Caris describes itself as a next-generation AI TechBio company and precision medicine pioneer, with an initial focus on oncology. It sells its Molecular Intelligence portfolio, including the MI Profile Platform, the Caris Assure Platform and the Precision Whole Genome Platform. The 10-K reports research and development expense of $101.6 million for 2025.
What the loan says about the plan
Caris reported $796.3 million of cash at the end of 2025 and still took on $400,000,000 of secured, floating-rate debt with a 5.00% margin over Term SOFR, pledging substantially all of its personal property. The 8-K gives no reason for the refinancing beyond repaying the 2023 loan, and it names no specific acquisition for the $300,000,000 delayed draw facility.