Orthofix enters $275M secured credit facility with Oxford Finance; repays Blue Torch loan

Orthofix Medical Inc.

New credit agreement provides $160M term loan, $65M delayed draw, and up to $50M discretionary facility, maturing Nov 2029.
Interest rate: greater of 8.75% or 5.75% plus 1-month SOFR; facility fee 1.5% of each funded tranche.
Company terminated prior $275M credit agreement with Blue Torch Finance dated Nov 2023.
Covenants require min $45M unrestricted cash at closing, $15M ongoing, and max 4.0x total debt-to-EBITDA leverage.
Delayed draw Term B available from Jan 2025 to Jun 2026 subject to leverage compliance; Term C at Oxford's discretion.

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