Misonix amended its existing credit facility with SWK Funding to provide an additional $5 million of term loans and closed a new $20 million revolving credit facility with Silicon Valley Bank.
According to a related 8-K filing, Misonix amended the facility with SWK
to modify the interest payable thereunder and the financial covenants thereunder. Prior to the amendment date, the outstanding principal balance of the term loans under the existing credit facility was $25,095,761.
The obligations under the amended credit agreement are guaranteed by Misonix OpCo and its wholly owned subsidiary, and secured by a first lien on substantially all assets of the Company, Solsys and Misonix OpCo and a second lien position on accounts receivable and inventory of the same entities.
The company entered into a loan and security agreement with Silicon Valley Bank. The new loan and security agreement provides for a revolving credit facility in an aggregate principal amount of $20 million, including borrowings and letters of credit. The new loan and security agreement replaces the existing $5 million loan and security agreement, among Solsys, as borrower, and Silicon Valley Bank. The company did not incur any early termination penalties in connection with the termination of the existing Solsys credit agreement.
Borrowings under the new credit facility were used to repay the outstanding amounts under the existing Solsys credit agreement, and may be used by the company for general corporate purposes and working capital. The new credit facility matures on the earlier of December 26, 2022.
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Misonix designs, develops, manufactures and markets ultrasonic medical devices for the precise removal of hard and soft tissue, including bone removal, wound debridement and ultrasonic aspiration.
