Neuronetics draws remaining $22.5 million from SLR credit facility

By Marisa Wong

Los Angeles, Oct. 3 – Neuronetics, Inc., announced it has drawn down the remaining $22.5 million from its credit facility with SLR Capital Partners, LLC.

In April, the company had amended its senior secured credit facilities with SLR, securing up to $60 million of borrowings in three tranches: a $35 million term A loan, $2.5 million term B loan and $22.5 million term C loan.

The company has now drawn down all $60 million available under this credit facility, and the maturity date of the $60 million facility is now set for March 29, 2028.

Keith J. Sullivan, president and chief executive officer of Neuronetics, said in the press release, “Given the current challenging equity and debt capital markets environment, we felt it was prudent to strengthen our balance sheet in a cost-effective manner. The company continues to believe that it can attain self-sustainability with the previous cash balance and that it can achieve cash flow break-even in Q4-2024 and on a full-year basis in 2025. This incremental capital should remove any doubt about the company needing to access the equity markets.”

Neuronetics is a Malvern, Pa.-based commercial stage medical technology company developing therapies for people suffering from neurohealth conditions.

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