--- schema_version: "secwatch.filing_event.v1" accession: "0001193125-23-286696" form_type: "8-K" ticker: null cik: "0001444380" company_name: "NEVRO CORP" filed_at: "2023-12-01T23:59:59+00:00" generated_at: "2026-06-07T19:18:23.503959+00:00" event_type: "m_and_a" sentiment: "positive" materiality_score: 0.85 calibrated_materiality_score: 0.85 confidence: "high" source: SEC EDGAR --- # Nevro acquires Vyrsa for $40M upfront plus $35M milestones; closes $200M term loan ## Summary - Acquired Vyrsa Technologies (SI joint fusion devices) for $40M cash at close plus up to $35M in milestone payments. - Vyrsa's portfolio targets $2B+ SI joint fusion market; acquisition projected accretive to revenue and AEBITDA in 2024. - Closed $200M term loan from Braidwell at SOFR+5.25%, matures 2029; issued warrants for 2.58M shares at $23.19. - Loan proceeds used to repurchase ~$150.1M of 2.75% convertible notes due 2025; remaining for working capital. - Management highlights lower dilution vs. a convertible offering due to warrant structure. ## SEC filing metadata - accession: 0001193125-23-286696 - form_type: 8-K - cik: 0001444380 - company_name: NEVRO CORP - filed_at: 2023-12-01T23:59:59+00:00 - event_type: m_and_a - sentiment: positive - materiality_score: 0.85 - calibrated_materiality_score: 0.85 - confidence: high - sec_items: 1.01, 2.01, 2.03, 3.02, 7.01, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1444380/000119312523286696/0001193125-23-286696-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1444380/000119312523286696/d941369d8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001193125-23-286696 - JSON: https://secwatch.observer/filing/0001193125-23-286696.json - Plain text: https://secwatch.observer/filing/0001193125-23-286696.txt ## Key facts - Debt Financings NEVRO CORP incurred term loan of $200.0 million with funds managed by Braidwell LP at Term SOFR (with a floor of 3.50%) plus 5.25% maturing November 30, 2029. - Instrument: term loan - Principal: $200.0 million - Counterparty: funds managed by Braidwell LP - Rate: Term SOFR (with a floor of 3.50%) plus 5.25% - Maturity: November 30, 2029 - Event: incurrence source text: The Credit Agreement provides for a term loan facility in the amount of $200.0 million, which was funded in its entirety on the Closing Date. Loans borrowed pursuant to the Credit Agreement (the “Loans”) bear interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement and with a floor of 3.50%) plus 5.25%. evidence_url: https://www.sec.gov/Archives/edgar/data/1444380/000119312523286696/0001193125-23-286696-index.htm - M&A Transactions NEVRO CORP completed an acquisition involving Interventional Pain Technologies, Inc. d/b/a Vyrsa Technologies for approximately $40.0 million in cash (closed 2023-11-30). - Action: acquisition - Counterparty: Interventional Pain Technologies, Inc. d/b/a Vyrsa Technologies - Consideration: approximately $40.0 million in cash - Closing: 2023-11-30 source text: terms of the Purchase Agreement, the Company acquired all of the issued and outstanding equity interests of Vyrsa for an up-front aggregate cash consideration of approximately $40.0 million in cash (the “Upfront Consideration”). The Upfront Consideration is subject to certain adjustments, including Vyrsa’s net working capital and cash amounts at closing. The Company evidence_url: https://www.sec.gov/Archives/edgar/data/1444380/000119312523286696/0001193125-23-286696-index.htm - Material Agreements NEVRO CORP entered into Stock Purchase Agreement with Interventional Pain Technologies, Inc. d/b/a Vyrsa Technologies valued at up-front aggregate cash consideration of approximately $40.0 million in cash plus up to an additiona (effective 2023-11-30). - Action: entry - Agreement: equity purchase - Counterparty: Interventional Pain Technologies, Inc. d/b/a Vyrsa Technologies - Value: up-front aggregate cash consideration of approximately $40.0 million in cash plus up to an additiona - Effective: 2023-11-30 source text: On November 30, 2023, Nevro Corp. (“Nevro” or the “Company”), entered into a stock purchase agreement (the “Purchase Agreement”) pursuant to which it acquired all of the issued and outstanding shares of Interventional Pain Technologies, Inc. d/b/a Vyrsa Technologies (“Vyrsa”), a corporation organized under the laws of the Commonwealth of Pennsylvania that develops medical devices (the “Vyrsa Acquisition”). evidence_url: https://www.sec.gov/Archives/edgar/data/1444380/000119312523286696/0001193125-23-286696-index.htm - Material Agreements NEVRO CORP entered into Credit Agreement and Guaranty with funds managed by Braidwell LP valued at term loan facility in the amount of $200.0 million bearing interest at Term SOFR (floor 3.50%) plus (effective 2023-11-30). - Action: entry - Agreement: credit facility - Counterparty: funds managed by Braidwell LP - Value: term loan facility in the amount of $200.0 million bearing interest at Term SOFR (floor 3.50%) plus - Effective: 2023-11-30 source text: On Closing Date, the Company, as borrower, and its wholly-owned subsidiary, Nevro Medical CR, LLC (“Nevro CR”, and, together with the Company, the “Obligors”), as guarantor, entered into that certain Credit Agreement and Guaranty (the “Credit Agreement”), by and among the Obligors, funds managed by Braidwell LP (“Braidwell”), as a lender (in such capacity, the “Lender”), and Wilmington Trust, National Association, as administrative agent for the Lenders (in such capacity, the “Agent”). evidence_url: https://www.sec.gov/Archives/edgar/data/1444380/000119312523286696/0001193125-23-286696-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.