ViewRay Technologies, a wholly-owned subsidiary of ViewRay, entered into amendment to its term loan agreement with Capital Royalty Partners II, Capital Royalty Partners II (Cayman), Parallel Investment Opportunities Partners II and CRG Issuer 2015-1 (CRG).

The agreement amends the terms ViewRay’s $50.0 million term loan agreement with CRG to expand the borrowing capacity to $65.0 million, along with other updates to the agreement.

Modifications to the CRG term loan agreement include:

  • Addition of a $15.0 million tranche of borrowing capacity available at ViewRay’s option through September 30, 2017
  • Availability of the existing $5.0 million tranche at ViewRay’s option through June 30, 2017
  • Extension of the interest-only and PIK period to March 31, 2020
  • Certain other changes, such as lowering the combined 2016 and 2017 revenue covenant to $60.0 million (previously $80.0 million) and an increase in the back-end facility fee between 1.5% to 1.75%