Organogenesis Holdings, a regenerative medicine company focused on the development, manufacturing and commercialization of product solutions for the advanced wound care and surgical and sports medicine markets, entered into a credit agreement with Silicon Valley Bank as the lead agent and several other lenders.
The agreement provides for a credit facility in the aggregate principal amount of $200 million, consisting of a $75 million term loan facility and a $125 million revolving credit facility. Organogenesis will use the proceeds from the term loan and revolving credit facility for general corporate purposes and the repayment of the company’s existing $100 million credit facility with Silicon Valley Bank.
“Silicon Valley Bank has been a great partner to Organogenesis and we appreciate their continued support with this new credit agreement,” Henry Hagopian, senior vice president of finance and treasurer of Organogenesis Holdings, said. “This new term loan and revolving credit facility lowers our borrowing costs, expands our access to capital and, combined with our improving profitability, gives us a strong foundation to support our long-term strategic growth objectives.”
“We are very pleased to expand our relationship with the Organogenesis team as they continue to drive innovation and positive outcomes in advanced healing solutions,” Peter Benham, managing director and head of life science and healthcare corporate banking at Silicon Valley Bank, said.
Silicon Valley Bank acted as administrative agent and bookrunner on the facilities, with Bank of America, Citizens Bank and PNC Capital Markets each acting as joint lead arrangers.
