TELA Bio enters $50M credit facility with MidCap; repays $33.2M OrbiMed debt

TELA Bio, Inc.

Borrowed $40.0M upfront from $50.0M term loan facility; unused $10M Tranche 2 conditional on reaching $65M net revenue by FY2023.
Repaid outstanding $33.2M under existing OrbiMed credit agreement.
Loan bears interest at 6.25% plus one-month Term SOFR (floor 1.0%), matures May 1, 2027.
Interest-only for 36 months, extendable to 48 months subject to covenant compliance; then amortization.
Prepayment fee 3% in year one, 2% year two, 1% year three; plus 5% exit fee on principal.

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