908 Devices Inc. (MASS): debt financing — 908 Devices replaces $25M SVB credit line with $35M Silicon Valley Bank facility, maturing Nov 2025

908 Devices Inc.

New $35M revolving credit line with Silicon Valley Bank; replaces prior $25M Signature Bank facility.
Interest rate: greater of 3.50% or Prime Rate minus 0.50%; floating; no amounts outstanding at signing.
Line matures Nov 2, 2025; secured by substantially all assets (IP negative pledge).
Financial covenant: minimum unrestricted cash minus advances >= $10M or 9 months cash burn.
Prior facility terminated voluntarily with no early termination penalties; no prepayment penalty if replaced by Bank.

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

908 Devices Inc. incurred revolving credit of $35.0 million with Silicon Valley Bank at greater of (i) 3.50% and (ii) prime rate minus 0.50% maturing November 2, 2025.

Instrument: revolving credit
Principal: $35.0 million
Counterparty: Silicon Valley Bank
Rate: greater of (i) 3.50% and (ii) prime rate minus 0.50%
Maturity: November 2, 2025
Event: incurrence

Exact text from the filing

On November 2, 2022, 908 Devices Inc. (the “ Company ”) entered into a Loan and Security Agreement (the “ Loan Agreement ”), by and between, the Company, as borrower, and Silicon Valley Bank, as lender (the “ Lender ”). The Loan Agreement provides for a revolving line of credit of up to $35.0 million.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

908 Devices Inc. terminated Prior Loan Agreement with Signature Bank valued at revolving line of credit of up to $25.0 million (effective 2022-11-02).

Action: termination
Agreement: credit facility
Counterparty: Signature Bank
Value: revolving line of credit of up to $25.0 million
Effective: 2022-11-02

Exact text from the filing

the Company’s previous $25.0 million revolving line of credit (the “ Prior Loan Agreement ”), entered into on March 11, 2021, by and between the Company , as borrower, and Signature Bank, as lender . The Company’s obligations under the Prior Loan Agreement were satisfied in full and the Prior Loan Agreement was terminated

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

908 Devices Inc. entered into Loan and Security Agreement with Silicon Valley Bank valued at revolving line of credit of up to $35.0 million (effective 2022-11-02).

Action: entry
Agreement: credit facility
Counterparty: Silicon Valley Bank
Value: revolving line of credit of up to $35.0 million
Effective: 2022-11-02

Exact text from the filing

908 Devices Inc. (the " Company ") entered into a Loan and Security Agreement (the " Loan Agreement "), by and between, the Company, as borrower, and Silicon Valley Bank, as lender (the " Lender "). The Loan Agreement provides for a revolving line of credit of up to $35.0 million.

View on SEC.gov

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

908 Devices Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-115727

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