Establishment Labs Holdings, a medical technology company focused on women’s health, initially in the breast aesthetics and reconstruction market, amended its existing credit agreement with affiliates of Madryn Asset Management.
The amended terms of the credit agreement, which was originally entered into on August 24, 2017, provides Establishment Labs with up to $25 million in new borrowing capacity from Madryn to increase the company’s financial flexibility. The amended credit agreement extends the maturity date on all loans to a full repayment on September 30, 2025, reduces the interest rate on all loans from LIBOR plus 11% per annum down to LIBOR plus 8% per annum, and modifies certain other terms and provisions.
“We are pleased to partner with Madryn on the amended Credit Agreement,” said Renee Gaeta, chief financial officer of Establishment Labs. “This refinancing meaningfully bolsters our access to cash at improved terms and provides a strong security for our business as we scale towards becoming the market leader.”
