Silicon Valley Bank and MidCap Financial entered a $100 million credit agreement with Organogenesis, a regenerative medicine company focused on the development, manufacture, and commercialization of product solutions for the advanced wound care and surgical and sports medicine markets.
The facility consisted of a $60 million term loan facility and a $40 million revolving credit facility.
The agreement contains customary representations, warranties and covenants, including financial covenants, and requires achievement of certain financial milestones in order to draw the final $20 million of the term loan facility.
The proceeds from the term loan and revolver be used for general corporate purposes and the repayment of the company’s existing credit facility and a lease with Eastward Capital Partners.
“Silicon Valley Bank has been a great partner to Organogenesis and we appreciate their continued support with this new credit agreement,” said Tim Cunningham, chief financial officer of Organogenesis. “This new term loan and revolving credit facility enhances our balance sheet and allows us to continue to execute our strategic growth objectives.”
“Organogenesis is driving important advancements in regenerative medicine,” said Kevin Longo, Northeast head of Medical Device and Digital Health for Silicon Valley Bank. “We are pleased to expand our relationship with the Organogenesis team as they grow and scale their business.”