Neuronetics, Inc. (STIM): debt financing — Neuronetics draws remaining $22.5M from SLR credit facility, total $60M now drawn

Neuronetics, Inc.

Drew $22.5M Term C Loan on Oct 3, 2023; total facility $60M, maturity March 29, 2028.
CEO says move strengthens balance sheet non-dilutively and removes need for equity raises.
Company reiterates belief it can achieve cash flow break-even in Q4 2024 and full-year 2025.
Amendment revises testing levels for net product revenue and minimum liquidity covenants.
Facility with SLR Capital Partners (SLR Investment Corp.) secured in April 2023 amendment.

item 1.01 item 2.03 item 7.01 item 9.01

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

Neuronetics, Inc. incurred term loan of $22.5 million with SLR Investment Corp..

Instrument: term loan
Principal: $22.5 million
Counterparty: SLR Investment Corp.
Event: incurrence

Exact text from the filing

On October 3, 2023, the Company borrowed an aggregate amount of $22.5 million under the Term C Loan portion of the Solar Facility.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Neuronetics, Inc. amended Fifth Amendment to Loan and Security Agreement with SLR Investment Corp. valued at $22.5 million (effective 2023-09-29).

Action: amendment
Agreement: credit facility
Counterparty: SLR Investment Corp.
Value: $22.5 million
Effective: 2023-09-29

Exact text from the filing

On September 29, 2023, Neuronetics, Inc. (the “Company”) entered into that certain Fifth Amendment to Loan and Security Agreement (the “Amendment”) with SLR Investment Corp. (formerly known as Solar Capital Ltd.) (“Solar”), as collateral agent, and the lenders listed on the signature pages thereto (the “Lenders”).

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Neuronetics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-249970

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