Senseonics Holdings, Inc. (SENS): debt financing — Senseonics enters $50M loan facility with Hercules Capital, exchanges $30.8M notes for equity

Senseonics Holdings, Inc.

Up to $50M senior secured term loans; initial $25M funded Sept 8, 2023; additional tranches of $10M and $15M subject to conditions.
Loans mature Sept 1, 2027; interest rate is greater of prime+1.4% or 9.90%; interest-only through Sept 2026 (or later if conditions met).
Issued warrants for 832,362 shares at $0.6007 per share; additional warrants may be issued on future tranches.
Closed exchange of $30.8M 5.25% Convertible Notes due 2025: $7.5M cash and 35.1M shares issued; $20.4M notes remain outstanding.
Loan covenants: minimum cash at 30% of outstanding loan; performance covenant requiring net product revenue targets from July 2024.

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

Senseonics Holdings, Inc. incurred term loan of up to $50.0 million with Hercules Capital, Inc. at greater of (i) the prime rate as reported in The Wall Street Journal plus 1.40% maturing September 1, 2027.

Instrument: term loan
Principal: up to $50.0 million
Counterparty: Hercules Capital, Inc.
Rate: greater of (i) the prime rate as reported in The Wall Street Journal plus 1.40%
Maturity: September 1, 2027
Event: incurrence

Exact text from the filing

pursuant to which the Lenders have agreed to make available to Senseonics up to $50.0 million in senior secured term loans

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

Senseonics Holdings, Inc. entered into Loan Agreement with Hercules Capital, Inc. and several financial institutions valued at up to $50.0 million (effective 2023-09-08).

Action: entry
Agreement: credit facility
Counterparty: Hercules Capital, Inc. and several financial institutions
Value: up to $50.0 million
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023 (the “Effective Date”), Senseonics Holdings, Inc. (the “Company”) and Senseonics, Incorporated, a wholly-owned subsidiary of the Company (together with the Company, “Senseonics”) entered into a Loan and Security Agreement (the “Loan Agreement”) with the several financial institutions or entities party thereto (collectively, the “Lenders”) and Hercules Capital, Inc., a Maryland corporation (“Hercules”), in its capacity as administrative agent and collateral agent for itself and the Lenders, pursuant to which the Lenders have agreed to make available to Senseonics up to $50.0 million in senior secured term loans

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Senseonics Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-099505

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