CARLSMED, INC. (CARL): debt financing — Carlsmed secures up to $50M credit facility from Customers Bank; $17.5M contingent on revenue milestones

CARLSMED, INC.

Term loan of up to $50M ($32.5M immediate, plus $7.5M and $10M upon achieving $60M and $90M trailing revenue milestones) with interest at Prime+0.25% (floor 5.25%).
$10M non-formula revolving line fully available immediately; aggregate borrowing limit $50M.
Term loan matures Oct 2030 with interest-only through Oct 2027 (extendable to Oct 2028 if milestones met).
Company must maintain at least $20M cash at Bank at all times; additional minimum revenue covenants if cash < outstanding debt.
Warrants modified: Series B reduced from 58,420 to 52,776 shares; Series C from 20,375 to 10,188 shares; 15,831 contingent shares cancelled.

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

CARLSMED, INC. amended credit facility of up to $50.0 million at the greater of (a) the WSJ Prime Rate + 0.25% or (b) 5.25% maturing October 15, 2030.

Instrument: credit facility
Principal: up to $50.0 million
Rate: the greater of (a) the WSJ Prime Rate + 0.25% or (b) 5.25%
Maturity: October 15, 2030
Event: amendment

Exact text from the filing

Customers Bank (the “Customers Loan Agreement”). The Fifth Amendment provides the Company with a credit facility consisting of (i) a term loan in the principal amount of up to $50.0 million (the “Term Loan”), $17.5 million of which is contingent upon the achievement of requisite revenue milestones, and (ii) a $10.0 million non-formula revolving line of credit (the

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CARLSMED, INC. filing history →

Source: SEC EDGAR

accession 0001193125-25-258525

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