RxSight, Inc. (RXST): debt financing — RxSight refinances debt: $20M new loan at lower rate, extends maturity to 2028

RxSight, Inc.

Sold 834,748 common shares via ATM for $19.4M net proceeds; used $20M to repay existing debt.
New $20M loan from Oxford Finance at floating rate ~11.5% vs prior ~14.0%, saving ~$1.7M in H2 2023 interest.
Added up to $40M in additional borrowing capacity in four tranches through H1 2025, subject to revenue milestones.
Principal payments deferred to Aug 2026 (or Aug 2027 if IP not pledged) vs previous Apr 2025; maturity extended to Jun 2028.
Final payment fee of 5% of original principal; negative pledge on intellectual property.

item 1.01 item 1.02 item 2.03 item 3.03 item 9.01

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

RxSight, Inc. incurred loan of $20.0 million in aggregate Term A Loans and up to $40.0 million in additional term loans available in four tranches with Oxford Finance, LLC as collateral agent and the lenders party thereto at floating per annum rate equal to the greater of 1-Month Term SOFR or 5.15% plus maturing June 1, 2028.

Instrument: loan
Principal: $20.0 million in aggregate Term A Loans and up to $40.0 million in additional term loans available in four tranches
Counterparty: Oxford Finance, LLC as collateral agent and the lenders party thereto
Rate: floating per annum rate equal to the greater of 1-Month Term SOFR or 5.15% plus
Maturity: June 1, 2028
Event: incurrence

Exact text from the filing

On June 30, 2023, the Company entered into a new Loan and Security Agreement (“New LSA”) with Oxford as collateral agent and the lenders party thereto, pursuant to which the Company borrowed $20.0 million in aggregate Term A Loans (the “Term A Loans”).

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

RxSight, Inc. terminated Retired LSA with Oxford Finance, LLC (effective 2023-06-30).

Action: termination
Agreement: credit facility
Counterparty: Oxford Finance, LLC
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, the Company prepaid the Retired Term Loan using a combination of cash, primarily comprised of cash raised under the ATM Facility during the quarter ended June 30, 2023, and the Term A Loans (defined below) of $20.0 million.

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

RxSight, Inc. entered into New LSA with Oxford Finance, LLC valued at $20.0 million (effective 2023-06-30).

Action: entry
Agreement: credit facility
Counterparty: Oxford Finance, LLC
Value: $20.0 million
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, the Company entered into a new Loan and Security Agreement (“New LSA”) with Oxford as collateral agent and the lenders party thereto, pursuant to which the Company borrowed $20.0 million in aggregate Term A Loans (the “Term A Loans”).

View on SEC.gov

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RxSight, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-031482

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