Apyx Medical enters $45 million term loan agreement with Perceptive

Chicago, Nov. 9 – Apyx Medical Corp. entered into a new five-year credit agreement with Perceptive Advisors, according to a press release.

The $45 million of senior secured term loans included $37.5 million that was fully drawn at closing. The remaining $7.5 million is in the form of a delayed-draw loan, which may be borrowed based on the satisfaction of certain conditions and covenants, including the achievement of a minimum revenue target.

The maturity date is Nov. 8, 2028.

Interest will be a floating-rate of 700 basis points over one-month SOFR, subject to a 5% floor.

The loan is interest-only for 48 months. Amortization in monthly payments of 3% of the outstanding balance is repayable starting after the interest-only period.

Perceptive received warrants to purchase up to 1.25 million shares of common stock with an exercise price of $2.43 per share. If the delayed-draw loan is borrowed, Perceptive will receive warrants for another 250,000 shares with an exercise price equal to the 10-day volume weighted average sale price from the preceding business day.

Approximately $11 million of the proceeds were used to satisfy all obligations under the company’s MidCap agreement.

The loan is designed to strengthen Apyx’s balance sheet and enhance financial flexibility.

Craig-Hallum served as financial adviser to the company.

Apyx manufactures a proprietary helium plasma and radio frequency technology. The company is based in Clearwater, Fla.

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