ClearPoint Neuro amends debt agreement to appoint PTC as collateral agent and transition to SOFR

ClearPoint Neuro, Inc.

PTC Therapeutics appointed successor collateral agent under the Securities Purchase Agreement, replacing Petrichor.
Interest rate benchmark changed from LIBOR to Adjusted Term SOFR (2% floor + Applicable Margin) effective July 1, 2023.
Petrichor resigns as collateral agent; all liens and security interests assigned to PTC.
Amendment includes SOFR Conforming Changes and fallback to prime rate if Term SOFR is not determinable.
No change to principal amount of senior secured convertible notes; rate structure updated only.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ClearPoint Neuro, Inc. amended Third Omnibus Amendment with PTC Therapeutics, Inc. and Petrichor Opportunities Fund I LP (effective 2023-07-31).

Action: amendment
Agreement: equity purchase
Counterparty: PTC Therapeutics, Inc. and Petrichor Opportunities Fund I LP
Effective: 2023-07-31

Exact text from the filing

On July 31, 2023, ClearPoint Neuro, Inc. (the “Company”), entered into a Third Omnibus Amendment (the “Amendment”) with PTC Therapeutics, Inc. (“PTC”), and Petrichor Opportunities Fund I LP, as collateral agent (“Petrichor,” and together with PTC, the “Investors”) to the Security Purchase Agreement, dated as of January 11, 2020, by and among the Company, the Investors, and Petrichor as collateral agent, as amended, (collectively with the Amendment, the “SPA”) to, among other things, (i) appoint PTC as the successor collateral agent, and (ii) replace the London Interbank Offered Rate (“LIBOR”) and LIBOR-based mechanics with an interest rate benchmark based on the Secured Overnight Financing Rate (“SOFR”) and related SOFR-based mechanics.

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Source: SEC EDGAR

accession 0001285550-23-000091

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