Orthofix Medical Inc. (OFIX): debt financing — Orthofix enters $150M credit facility with Blue Torch; repays prior $175M revolver

Orthofix Medical Inc.

New $100M term loan plus $25M delayed draw and $25M revolver, maturing Nov 6, 2027.
Borrowings bear interest at SOFR+7.25% or base+6.25%; 2.00% unused revolver fee.
Financing used to repay all amounts under the prior $175M JPMorgan credit agreement.
Covenants include minimum liquidity, maximum consolidated leverage ratio, minimum asset coverage.

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

Orthofix Medical Inc. incurred term loan of $25 million senior secured delayed draw term loan facility with Blue Torch Finance LLC maturing November 6, 2027.

Instrument: term loan
Principal: $25 million senior secured delayed draw term loan facility
Counterparty: Blue Torch Finance LLC
Maturity: November 6, 2027
Event: incurrence

Exact text from the filing

a $25 million senior secured delayed draw term loan facility (the "Delayed Draw Term Loan"),

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

Orthofix Medical Inc. incurred term loan of $100 million senior secured term loan with Blue Torch Finance LLC at three-month SOFR rate (subject to a floor of 3.00% and a credit spread adjustmen maturing November 6, 2027.

Instrument: term loan
Principal: $100 million senior secured term loan
Counterparty: Blue Torch Finance LLC
Rate: three-month SOFR rate (subject to a floor of 3.00% and a credit spread adjustmen
Maturity: November 6, 2027
Event: incurrence

Exact text from the filing

The Financing Agreement provides for a $100 million senior secured term loan (the "Initial Term Loan"),

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

Orthofix Medical Inc. incurred revolving credit of $25 million senior secured revolving credit facility with Blue Torch Finance LLC maturing November 6, 2027.

Instrument: revolving credit
Principal: $25 million senior secured revolving credit facility
Counterparty: Blue Torch Finance LLC
Maturity: November 6, 2027
Event: incurrence

Exact text from the filing

and a $25 million senior secured revolving credit facility (the "Revolving Credit Facility,"

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

Orthofix Medical Inc. terminated Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto valued at $175 million senior secured revolving credit facility (effective 2023-11-06).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
Value: $175 million senior secured revolving credit facility
Effective: 2023-11-06

Exact text from the filing

the Company repaid in full amounts outstanding and terminated all commitments under the Company's prior $175 million senior secured revolving credit facility evidenced by that certain Second Amended and Restated Credit Agreement, dated as of October 25, 2019, among the Company, certain subsidiaries of the Company as borrowers and guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto (as amended, supplemented or otherwise modified, the "Prior Credit Agreement").

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

Orthofix Medical Inc. entered into Financing Agreement with Blue Torch Finance LLC, as administrative agent and collateral agent, and certain lenders party thereto valued at $100 million senior secured term loan, a $25 million senior secured delayed draw term loan facility, (effective 2023-11-06).

Action: entry
Agreement: credit facility
Counterparty: Blue Torch Finance LLC, as administrative agent and collateral agent, and certain lenders party thereto
Value: $100 million senior secured term loan, a $25 million senior secured delayed draw term loan facility,
Effective: 2023-11-06

Exact text from the filing

On November 6, 2023 (the "Effective Date"), Orthofix Medical Inc. (the "Company"), as borrower, and certain subsidiaries of the Company as guarantors, entered into a Financing Agreement (the "Financing Agreement") with Blue Torch Finance LLC, as administrative agent and collateral agent (the "Agent"), and certain lenders party thereto.

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

Orthofix Medical Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-061099

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