TELA - TELA Bio secures up to $50M debt financing from MidCap Financial

TELA Bio (NASDAQ:TELA) stated Monday that it has secured up to $50M credit facility with MidCap Financial, a portion of which is used to fully repay the existing $30M credit facility with OrbiMed Royalty Opportunities II, LP. The facility bears interest at a rate equal to 6.25% plus the greater of one-month term SOFR or 1.0%, and matures on May 1, 2027.  It comprises of an initial $40M tranche received at closing and an additional $10M tranche that can be drawn at TELA’s option upon satisfaction of certain conditions, including, but not limited to, reaching net revenue thresholds by the end of FY 2023. Commercial-stage medical technology - TELA - said the remaining proceeds under the credit facility will be used for working capital needs and other corporate purposes. Earlier (May 10): TELA Bio GAAP EPS of -$0.75 misses by $0.14, revenue of $8.23M beats by $0.28M

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TELA Bio secures up to $50M debt financing from MidCap Financial