Conformis borrows $21 million five-year secured term loan

Chicago, Nov. 23 – Conformis, Inc. and its subsidiary ImaTx, Inc. signed a $21 million five-year secured term loan on Monday with MidCap Financial Trust as agent, according to an 8-K filing with the Securities and Exchange Commission.

Interest will be based on one-month Libor plus 570 basis points.

No amortization payments need to be made for the first three years. In years four and five, equal monthly amortization payments will be due.

Prepayment fees may apply in the first three years and there could be mandatory prepayments based on certain events.

Armentum Partners, LLC worked as financial adviser to the company on the transaction.

Proceeds of the term loan were used to repay debt owing under an existing credit agreement.

Conformis is a Billerica, Mass.-based medical technology company that develops, manufactures and sells joint replacement implants.

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