Outset Medical, Inc. (OM): debt financing — Outset Medical secures up to $300M in debt financing from SLR Capital Partners

Outset Medical, Inc.

Term loan facility up to $250M; $100M drawn at closing with $200M committed initially.
Asset-based revolver up to $50M ($25M committed). Interest: SOFR+5.15% (term) and 3.20% (revolver), 2.75% floor.
Maturity November 1, 2027; interest-only payments for at least 48 months, extendable to 54 months.
Proceeds used to repay existing Silicon Valley Bank debt facility, including $0.3M early repayment fee.
Additional $100M available to borrow at closing; further increases subject to revenue milestones and lender approval.

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

Outset Medical, Inc. incurred term loan of up to $250.0 million with SLR Investment Corp. at one-month term SOFR (subject to a 2.75% floor), plus 5.15% maturing November 1, 2027.

Instrument: term loan
Principal: up to $250.0 million
Counterparty: SLR Investment Corp.
Rate: one-month term SOFR (subject to a 2.75% floor), plus 5.15%
Maturity: November 1, 2027
Event: incurrence

Exact text from the filing

Milestone), on or before June 30, 2024 and the Additional Tranche (as defined below) under the SLR Revolver has been approved, the Company will be permitted to borrow up to $250.0 million under the SLR Credit Facilities. If the Company achieves a subsequent additional net revenue milestone, calculated on a trailing six month basis (Second Revenue Milestone), on or

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

Outset Medical, Inc. incurred revolving credit of $25.0 million with Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL at one-month term SOFR (subject to a 2.75% floor), plus 3.20%.

Instrument: revolving credit
Principal: $25.0 million
Counterparty: Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL
Rate: one-month term SOFR (subject to a 2.75% floor), plus 3.20%
Event: incurrence

Exact text from the filing

The SLR Revolving Credit Agreement provides for an asset-based revolving credit facility with aggregate revolving commitments of $25.0 million (the Initial Revolver Commitment).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Outset Medical, Inc. entered into SLR Loan Agreement with SLR Investment Corp., as collateral agent, and the lenders from time to time party thereto valued at up to $250.0 million (effective 2022-11-03).

Action: entry
Agreement: credit facility
Counterparty: SLR Investment Corp., as collateral agent, and the lenders from time to time party thereto
Value: up to $250.0 million
Effective: 2022-11-03

Exact text from the filing

Pursuant to the terms and conditions of the SLR Loan Agreement, the Term Loan Lenders agreed to extend term loans to the Company in an aggregate principal amount of up to $250.0 million, comprised of (i) a term loan of $100.0 million (the Term A Loan), (ii) one or more term loans (in minimum increments of $20.0 million each) in the aggregate of up to $100.0 million (each, a Term B Loan) and (iii) one or more term loans in the aggregate of up to $50.0 million (each, a Term C Loan).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Outset Medical, Inc. entered into SLR Revolving Credit Agreement with Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL, as lender valued at $25.0 million (effective 2022-11-03).

Action: entry
Agreement: credit facility
Counterparty: Gemino Healthcare Finance, LLC d/b/a SLR Healthcare ABL, as lender
Value: $25.0 million
Effective: 2022-11-03

Exact text from the filing

The SLR Revolving Credit Agreement provides for an asset-based revolving credit facility with aggregate revolving commitments of $25.0 million (the Initial Revolver Commitment).

View on SEC.gov

102 debt financings filed in the last 30 days. Browse all debt financings →

Outset Medical, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-22-022068

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