APYX - Apyx Medical to secure up to $35M credit on agreement with MidCap Financial
- Helium plasma and radiofrequency technology company Apyx Medical ( NASDAQ: APYX ) and units have entered into a five-year secured credit facility with the specialty finance firm, MidCap Financial.
- The agreement helps APYX secure an up to $35M facility consisting of senior, secured term loans of up to $25M and a revolving facility of up to $10M.
- The credit agreement provides net proceeds of ~$8M at closing and available revolver borrowings of up to $5M.
- The credit facility, which matures on Feb. 1, 2028, bears interest at an annual rate equal to the adjusted term SOFR, subject to a floor of 2.50%, plus (i) 7.35% for the term loan and (ii) 4.00% for the revolver.
- Additionally, APYX also issued warrants with an exercise price of $3.40 per share to purchase up to 250,000 shares to MidCap.
- Source: Press Release
For further details see:
Apyx Medical to secure up to $35M credit on agreement with MidCap Financial