secwatch.observer — SEC 8-K summary
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Issuer:     TELA Bio, Inc. (TELA)
CIK:        0001561921
Form:       8-K
Filed at:   2022-05-31T23:59:59+00:00
Accession:  0001104659-22-066225
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1561921/000110465922066225/0001104659-22-066225-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1561921/000110465922066225/tm2217085d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-066225

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