secwatch.observer — SEC 8-K summary
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Issuer:     ORTHOPEDIATRICS CORP (KIDS)
CIK:        0001425450
Form:       8-K
Filed at:   2024-08-05T23:59:59+00:00
Accession:  0001104659-24-085842
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1425450/000110465924085842/0001104659-24-085842-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1425450/000110465924085842/tm2420817d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-085842

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer