Sam Brusco, Associate Editor02.21.23
Apyx Medical, manufacturer of the Renuvion helium plasma and radiofrequency technology, has entered with its subsidiaries into a new, five-year secured credit facility with MidCap Financial.
The credit agreement provides for up to $35 million facility consisting of senior, secured term loans of up to $25 million and a revolving facility of up to $10 million.
“We are pleased to secure this financing, which strengthens our balance sheet and enhances our financial flexibility,” Charlie Goodwin, Apyx Medical’s president and CEO told the press. “This new credit agreement provides net proceeds of approximately $8.0 million at closing and available revolver borrowings of up to $5 million which, along with our cash and equivalents at year-end and the cash tax refunds of at least $7.5 million we expect to receive this year, we believe secures the requisite capital to fund our strategic growth initiatives to achieve our goal of generating sustainable profitability and strong free cash flow generation in the future.”
The credit facility matures on Feb 1, 2028 and includes Term Loan of an initial $10 million tranche received at closing and additional tranches of $5 million and $10 million that can be drawn at Apyx’s option when certain conditions and covenants are satisfied.
The credit agreement provides for up to $35 million facility consisting of senior, secured term loans of up to $25 million and a revolving facility of up to $10 million.
“We are pleased to secure this financing, which strengthens our balance sheet and enhances our financial flexibility,” Charlie Goodwin, Apyx Medical’s president and CEO told the press. “This new credit agreement provides net proceeds of approximately $8.0 million at closing and available revolver borrowings of up to $5 million which, along with our cash and equivalents at year-end and the cash tax refunds of at least $7.5 million we expect to receive this year, we believe secures the requisite capital to fund our strategic growth initiatives to achieve our goal of generating sustainable profitability and strong free cash flow generation in the future.”
The credit facility matures on Feb 1, 2028 and includes Term Loan of an initial $10 million tranche received at closing and additional tranches of $5 million and $10 million that can be drawn at Apyx’s option when certain conditions and covenants are satisfied.