Apollo Endosurgery adjusts covenants under Solar Capital facility

By Sarah Lizee

Olympia, Wash., June 27 – Apollo Endosurgery, Inc. amended its credit agreement with Solar Capital, Ltd. on June 20 to adjust covenant terms, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the amendment adjusts the trailing six-month endo-bariatric revenue requirements for the periods ending June 30, July 31 and Aug. 31 and increases the minimum liquidity covenant to $12.5 million from $10 million while stipulating that the minimum liquidity covenant will revert back to $10 million if some year-end revenue and cash milestones are achieved.

Apollo Endosurgery is a medical device company focused on less invasive therapies for the treatment of obesity. It is based in Austin, Texas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.