Medical company MIMEDX enhanced its capital structure by refinancing its existing indebtedness and obtaining additional borrowing capacity in support of the company’s future growth objectives through new senior secured credit facilities totaling $95 million. The facilities, which are due in January 2029, are comprised of a $75 million revolving credit facility and a $20 million term loan facility and were obtained through a syndicate of banks comprised of Citizens Bank and Bank of America.

At closing, the company drew $50 million under the facilities, consisting of a $20 million term loan and $30 million in revolving loans, and used the proceeds of the loans to pay in full all of the outstanding obligations owing under its existing credit facility with Hayfin Capital, which was set to mature in June 2025.

“As a result of the company’s strong financial performance over the last year, we were in the position to strengthen our balance sheet and improve our overall capital structure. In addition to our solid cash generation in 2023, this new debt facility provides us with even greater flexibility in achieving our long-term strategic goals,” Doug Rice, CFO of MIMEDX, said. “The terms on these new facilities reflect the substantial progress we have made in improving our financial profile, simultaneously delivering a significant reduction in our interest expense and additional borrowing capacity that will enable us to prudently fund organic and inorganic initiatives. I am grateful for the expertise and partnership from Citizens Bank, which led this refinancing effort.”

“When a client such as MIMEDX chooses Citizens, they are selecting a strategic partner committed to helping them achieve their goals,” Dan Fitzpatrick, president of Citizens’ Mid Atlantic region, said. “We have a deep understanding of the increasingly complex challenges our clients face and a strong track record of helping them succeed. We look forward to working closely with the MIMEDX team going forward.”