Viveve Medical, a medical technology company focused on women’s health, entered into a senior credit facility with affiliates of CRG to retire its existing credit facility with Western Alliance Bank and provide additional capital for the company.
The new credit facility consists of $20 million to be drawn at closing and the ability to access additional funding of up to an aggregate of $10 million for a total of $30 million based on the achievement of certain revenue and market capitalization milestones through June 30, 2018. The term of the loan is six years with the first four years being interest only.
As security for its obligations under the loan agreement, the company will grant to CRG, as collateral agent for the lenders, a lien on substantially all of its assets, including intellectual property.
According to a related 8-K filing, CRG Servicing served as administrative agent and collateral agent. Armentum Partners acted as financial advisor to Viveve in conjunction with this financing.
“The support and confidence of a well-respected firm like CRG represents another level of validation for our global business and commercialization strategies. The funding from this financing further strengthens our balance sheet and provides additional capital to support the continued global expansion of our innovative technology,” said Patricia Scheller, CEO and director of Viveve.