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Establishment Labs amends undrawn tranches of Oaktree term loan
By Marisa Wong
Los Angeles, Feb. 22 – Establishment Labs Holdings Inc. amended its $225 million term loan facility with funds managed by Oaktree Capital Management, LP, according to a press release.
The terms on the two tranches already drawn under the facility, totaling $175 million, are unchanged. The remaining two $25 million tranches are amended as follows:
• Tranche C of $25 million is available before Dec. 31, 2024 and upon FDA approval of Motiva Implants in the United States; and
• Tranche D of $25 million is available before June 30, 2025 and upon both tranche C being drawn and trailing 12-month sales exceeding $195 million.
Interest will accrue on tranches C and D and are fixed at 10% per annum.
“This amended facility provides access to additional capital, should we need it, to ensure our successful launch of Motiva Implants in the United States,” chief executive officer and founder Juan Jose Chacon-Quiros said in the press release.
“Even with this access to additional capital, we are focused on getting our current business to EBITDA positive in 2024 and cash flow positive in 2025, and our timeline for U.S. market entry remains unchanged.”
Establishment Labs is a New York-based medical technology company focused on women’s health and wellness.
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