Endologix gets interim access to $10 million in new-money financing

By Caroline Salls

Pittsburgh, July 8 – Endologix, Inc. obtained court approval to access $10 million of a proposed $30.8 million in new-money debtor-in-possession financing, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Northern District of Texas.

The final hearing is scheduled for Aug. 4.

In addition to the $30.8 million in new-money financing, the company said that the DIP financing package includes a roll-up of $100 million in pre-bankruptcy first-lien term loan secured obligations.

Deerfield Private Design Fund IV, LP is the DIP financing agent.

The facility is scheduled to mature on Oct. 5, 2020.

Interest will accrue at Libor plus 1,000 basis points.

Irvine, Calif.-based Endologix develops and manufactures minimally invasive treatments for aortic disorders. The company filed bankruptcy on July 5 under Chapter 11 case number 20-31840.

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