4.	Debt and other Contractual Obligations

In September 2013, Juniper assumed debt of $3.9 million in connection with its acquisition of Juniper Pharma Services. Juniper Pharma Services entered into a Business Loan Agreement (“Loan Agreement”) covering three loan facilities (collectively referred to as the “original agreements”) with Lloyds TSB Bank (“Lloyds”), as administrative agent. In May 2017, Juniper Pharma Services repaid one of the existing loan facility upon which Juniper Pharma Services subsequently entered into a new loan facility with the same administrative agent for the same outstanding balance. The refinancing was accounted for as a modification with no resulting gain or loss. The remaining original agreements and the new agreement are collectively referred to as the “loan facilities”.

As of December 31, 2017, the Company owed $2.4 million on the loan facilities. The loan facilities are each repayable by monthly installments, one started repayment in February 2013 and the remaining two commenced in October 2013. All facilities are due for repayment over periods ranging from 7-15 years from the date of drawdown. Two of the facilities bear interest at the Bank of England’s base rate plus 1.95% and 2.55%, respectively. The weighted average interest rate for these two facilities at December 31, 2017 was 2.45% and 3.05%, respectively. The third facility is a fixed rate agreement bearing interest at 2.99% per annum. The weighted average interest rate for the three loan facilities for the year ended December 31, 2017 was 2.76%. The loan facilities are secured by the mortgaged property and an unlimited lien on the other assets of Juniper Pharma Services. The loan facilities contain financial covenants that limit the amount of indebtedness Juniper Pharma Services may incur, requires Juniper Pharma Services to maintain certain levels of net worth, and restricts Juniper Pharma Services’ ability to materially alter the character of its business. As of December 31, 2017 the Company is in compliance with all of the covenants under the loan facilities.

In September 2013, as part of the acquisition of Juniper Pharma Services, Juniper assumed a $2.5 million obligation under a grant arrangement with the Regional Growth Fund on behalf of the Secretary of State for Business, Innovation, and Skills in the United Kingdom. Juniper Pharma Services used this grant to fund the building of its second facility, which includes analytical labs, office space, and a manufacturing facility. As a part of the arrangement, Juniper Pharma Services was required to create and maintain certain full-time equivalent personnel levels through October 2017. The obligation ended on October 1, 2017. As of December 31, 2017, the Company’s obligation under the grant arrangement is complete and the Company all compliance requirements through October 1, 2017. The income from the Regional Growth Fund was recognized on a decelerated basis over the three-year term of the agreement. Other income associated with the Regional Growth Fund for the years ended December 2015, 2016 and 2017 were $0.5 million, $0.7 million and $0.6 million, respectively.

Additionally, Juniper leases its U.S. corporate office under an operating lease. In October 2015, the Company entered into a lease agreement for its corporate office in Boston, Massachusetts. The initial term of the lease agreement is approximately 39 months and ends in 2019, which includes a three-month free rent period. In January and March 2017, the Company entered into loans of $0.9 million and $0.6 million, respectively, with payments thru March 2022 for equipment in its Nottingham, U.K. facility. The interest rate for the two loans was 2.09% at December 31, 2017. The transactions were considered failed sales-leaseback arrangements as the Company will obtain title to the equipment at the end of the term of the financing for little or no consideration. These failed sale-leaseback arrangements have been recorded as a component of long-term debt on the Company’s condensed consolidated balance sheets. The initial terms of the loans are 60 months.

In December 2016, the Company entered into an API Supply Agreement for a manufacturer of progesterone under which the it has agreed to annual minimum volume commitments until December 2019.

The Company’s significant outstanding contractual obligations relate to operating leases for the Company’s facilities and loan agreements. The Company’s facility leases are non-cancellable and contain renewal options. The Company’s future contractual obligations as of December 31, 2017 include the following (in thousands):

	Total		2018		2019		2020		2021		2022		Thereafter
Operating lease obligations	$	517	$	443	$	74	$	—	$	—	$	—	$	—
Loan principal repayments		2,422		236		241		248		255		263		1,179
Capital lease obligations		1,377		311		324		338		351		53		—
Minimum purchase obligation		5,720		3,861		1,859		—		—		—		—
Total	$	10,036	$	4,851	$	2,498	$	586	$	606	$	316	$	1,179

Rent expense was $0.4 million for December 31, 2017, $0.4 million for December 31, 2016, and $0.3 million for December 31, 2015.

Interest expense, net was $0.1 million in each of the years ended December 31, 2017, 2016, and 2015.