PROJECT SAGE OLDCO, INC.: debt financing — Sientra files for Chapter 11, secures $22.5M DIP financing to pursue sale of business

PROJECT SAGE OLDCO, INC.

Filed Chapter 11 on Feb 12, 2024 in Delaware; intends to sell business under Section 363 of Bankruptcy Code.
Secured $22.5M new money DIP financing plus $67.5M roll-up of prepetition debt from existing lenders Deerfield.
Prepetition first-lien term loan outstanding ~$71.78M accelerated by filing; creditors' rights stayed.
Expedited sale Milestones: asset sale within 60 days, Chapter 11 plan effective within 90 days of petition.
Company cautions equity holders could experience significant or complete loss depending on restructuring outcome.

item 1.03 item 2.04 item 7.01 item 8.01 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

PROJECT SAGE OLDCO, INC. faced acceleration on term loan of approximately $71,780,000 outstanding borrowings.

Instrument: term loan
Principal: approximately $71,780,000 outstanding borrowings
Event: acceleration

Exact text from the filing

and the agent (at the direction of the lenders party thereto) (the “ Prepetition First Lien Term Loan Agreement ”). As of the Petition Date, the Company had approximately $71,780,000 outstanding borrowings under the Prepetition First Lien Loan Agreement. The Prepetition First Lien Term Loan Agreement provides that, as a result of the Chapter 11 Cases, the

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Source: SEC EDGAR

accession 0001213900-24-012888

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