KORU Medical Systems, Inc. (KRMD): debt financing — KORU Medical amends HSBC credit facility, extends maturities and lowers rate floor

KORU Medical Systems, Inc.

Amendment extends $5M revolver maturity from Dec 31, 2026 to Mar 30, 2028.
Term loan interest-only period extended to Jun 30, 2027, with possible further extension to Dec 31, 2027 upon EBITDA milestones.
Term loan maturity extended to Dec 1, 2029; interest rate floor reduced to 5.50% from 6.50%.
Adjusted quick ratio covenant removed; replaced by 12-month liquidity covenant when drawn or positive trailing 3-month Adjusted EBITDA.
Company has not drawn on the $10M total facility and has no obligation to do so.

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

KORU Medical Systems, Inc. amended term loan of $5,000,000 with HSBC Ventures USA Inc. at 5.50% (floor) maturing December 1, 2029.

Instrument: term loan
Principal: $5,000,000
Counterparty: HSBC Ventures USA Inc.
Rate: 5.50% (floor)
Maturity: December 1, 2029
Event: amendment

Exact text from the filing

USA Inc., as lender, dated March 8, 2024, as amended (the “Loan and Security Agreement”), relating to a revolving credit facility in an aggregate principal amount not to exceed $5,000,000 (the “Revolver”) and a term loan facility in an aggregate principal amount not to exceed $5,000,000 (the “Term Loan” and collectively with the Revolver, the “Credit Facility”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

KORU Medical Systems, Inc. amended revolving credit of $5,000,000 with HSBC Ventures USA Inc. at 5.50% (floor) maturing March 30, 2028.

Instrument: revolving credit
Principal: $5,000,000
Counterparty: HSBC Ventures USA Inc.
Rate: 5.50% (floor)
Maturity: March 30, 2028
Event: amendment

Exact text from the filing

The Amendment extends the maturity of the $5,000,000 Revolver from December 31, 2026 to March 30, 2028

View on SEC.gov

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KORU Medical Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001161697-26-000086

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