Apyx Medical Corp (APYX): debt financing — Apyx Medical enters $35M credit facility with MidCap Financial; initial $10M funded

Apyx Medical Corp

Up to $25M senior secured term loan (initial $10M funded) plus $10M revolver; matures Feb 1, 2028.
Term loan bears SOFR + 7.35% (floor 2.5%); revolver SOFR + 4.0%; 24-month interest-only period.
Warrants issued to MidCap to purchase 250,000 shares at $3.40 per share.
Covenants include minimum Advanced Energy revenue targets of $49M (2023), $60M (2024), $70M (2025) and $10M cash balance.
Net proceeds of ~$8M at close plus expected $7.5M+ cash tax refunds to fund growth initiatives.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Apyx Medical Corp incurred revolving credit of up to $10 million with MidCap Funding IV Trust at Adjusted Term SOFR, subject to a floor of 2.5%, plus 4% maturing February 1, 2028.

Instrument: revolving credit
Principal: up to $10 million
Counterparty: MidCap Funding IV Trust
Rate: Adjusted Term SOFR, subject to a floor of 2.5%, plus 4%
Maturity: February 1, 2028
Event: incurrence

Exact text from the filing

The secured revolving facility provides for loans in an aggregate principal amount of up to $10 million

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Apyx Medical Corp incurred term loan of $10 million with MidCap Funding IV Trust at Adjusted Term SOFR, subject to a floor of 2.5%, plus 7.35% maturing February 1, 2028.

Instrument: term loan
Principal: $10 million
Counterparty: MidCap Funding IV Trust
Rate: Adjusted Term SOFR, subject to a floor of 2.5%, plus 7.35%
Maturity: February 1, 2028
Event: incurrence

Exact text from the filing

17, 2023, Apyx Medical Corporation (the “Company”) entered into a Credit, Security and Guaranty Agreement (the “Credit Agreement”), by and among the Company (as borrower) and Apyx China Holding Corp., the Company’s wholly-owned subsidiary (as guarantor), and MidCap Funding IV Trust (as agent), and MidCap Financial Trust (as term loan servicer), and the lenders party thereto from time to time.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

Apyx Medical Corp entered into Credit, Security and Guaranty Agreement with MidCap Funding IV Trust (as agent), and MidCap Financial Trust (as term loan servicer), and the lenders party thereto valued at up to $35 million (effective 2023-02-17).

Action: entry
Agreement: credit facility
Counterparty: MidCap Funding IV Trust (as agent), and MidCap Financial Trust (as term loan servicer), and the lenders party thereto
Value: up to $35 million
Effective: 2023-02-17

Exact text from the filing

On February 17, 2023, Apyx Medical Corporation (the “Company”) entered into a Credit, Security and Guaranty Agreement (the “Credit Agreement”), by and among the Company (as borrower) and Apyx China Holding Corp., the Company’s wholly-owned subsidiary (as guarantor), and MidCap Funding IV Trust (as agent), and MidCap Financial Trust (as term loan servicer), and the lenders party thereto from time to time. The Credit Agreement provides for an up to $35 million facility

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Source: SEC EDGAR

accession 0000719135-23-000009

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