---
schema_version: "secwatch.filing_event.v1"
accession: "0000719135-23-000009"
form_type: "8-K"
ticker: "APYX"
cik: "0000719135"
company_name: "Apyx Medical Corp"
filed_at: "2023-02-24T23:59:59+00:00"
generated_at: "2026-06-19T01:02:25.447434+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Apyx Medical enters $35M credit facility with MidCap Financial; initial $10M funded

## Summary
- 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.

## SEC filing metadata
- accession: 0000719135-23-000009
- form_type: 8-K
- ticker: APYX
- cik: 0000719135
- company_name: Apyx Medical Corp
- filed_at: 2023-02-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/719135/000071913523000009/0000719135-23-000009-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/719135/000071913523000009/apyx-20230217.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000719135-23-000009
- JSON: https://secwatch.observer/filing/0000719135-23-000009.json
- Plain text: https://secwatch.observer/filing/0000719135-23-000009.txt

## Key facts
- Debt Financings
  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
  source text: The secured revolving facility provides for loans in an aggregate principal amount of up to $10 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/719135/000071913523000009/0000719135-23-000009-index.htm
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/719135/000071913523000009/0000719135-23-000009-index.htm
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/719135/000071913523000009/0000719135-23-000009-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.