MDT - Medtonic in pact with Acutus Medical to buy its left-heart access portfolio
The shares of Acutus Medical (NASDAQ:AFIB) have surged ~41% in the pre-market Wednesday after the cardiac device maker announced an agreement with Medtronic (MDT) to sell its left-heart access portfolio. In conjunction with the sale, the company announced a deal with Deerfield Management Company to refinance its existing debt with a new longer-term credit facility. Per the terms, the existing debt, which has a maturity date of May 20, 2024, will be replaced with the new debt facility that will include $35M in aggregate principal and a maturity date of five-years from the closing of the loan. The amortization payments are due 36, 48 and 60 months following the closing of the loan. As part of the sales agreement, Medtronic is set to make an upfront cash payment of $50M to Acutus (AFIB) in addition to milestone-based payments. The closure of the agreement is subject to completion of the company’s debt refinancing.
For further details see:
Medtonic in pact with Acutus Medical to buy its left-heart access portfolio