OrthoPediatrics secures up to $100M from Braidwell: $25M term loan + $25M delayed draw + $50M convertible notes

ORTHOPEDIATRICS CORP

Term loan at SOFR + 6.50% (PIK option adds 1.00%), interest-only until August 2029 maturity.
Convertible notes: $50M at 4.75% interest, due Feb 2030, convertible at ~$40.98/share (30% premium to VWAP).
Proceeds used to repay ~$10M debt, pay ~$6.5M transaction fees, fund up to $5M stock repurchase, and general corporate purposes.
Post-closing pro forma cash, cash equivalents & restricted cash would be ~$90M (excluding delayed draw); financial covenants require 25% cash collateral and minimum net product sales.
Stock repurchase of up to $5M approved; represents ~169K shares (~0.7% of outstanding) at $29.56 close on Aug 2, 2024.

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