CRG, TriVascular Technologies Amend Term Loan
TriVascular Technologies and CRG and its affiliate funds announced they have amended a term loan facility under which TriVascular previously borrowed $40 million in October 2012. In connection with this amendment, the company will increase its borrowings under the facility by $10 million upon closing of the transaction, which is anticipated to be completed by the end of the month, subject to customary closing conditions.
Additionally, subject to the achievement of certain revenue milestones, TriVascular will have an option to access up to an additional $15 million on or before December 31, 2015. This amendment extends the maturity date under the facility from September 30, 2017 to June 30, 2020, reduces the interest rate from 14.0% to 12.5%, and extends the interest only payment period through September 30, 2018. In addition, certain financial and other covenants were modified.
“Together with the proceeds of our initial public offering, this financing further enables us to continue our focus on commercialization of the Ovation Prime Stent Graft System and aggressively pursue our product and clinical development initiatives,” said Christopher G. Chavez, TriVascular’s President and CEO. “We appreciate CRG’s ability to provide flexible financing solutions to support our efforts to make EVAR better, safer and available to more patients with abdominal aortic aneurysms. They have been a valued strategic partner, and we look forward to working with them for years to come.”
“CRG is excited to expand our longstanding partnership with TriVascular as they continue their commercialization and development of the Ovation technology platform,” said Charles Tate, chairman and Founder of CRG. “Our investment in TriVascular furthers our mission of working with world-class management teams to drive greater innovation in healthcare.”
TriVascular Technologies is a medical device company developing and commercializing innovative technologies to significantly advance minimally invasive treatment of abdominal aortic aneurysms.