Apyx Medical Corp (APYX): debt financing — Apyx Medical enters up to $45M debt facility with Perceptive, replaces MidCap loan

Apyx Medical Corp

Initial $37.5M funded Nov 8; up to $7.5M delayed draw available through Dec 31, 2024 subject to conditions.
Proceeds used to repay ~$11M of MidCap debt (incl. ~$1M prepayment penalties) and ~$2.5M transaction fees.
Interest: 1-month SOFR + 7% (5% floor); 48-month interest-only period; matures Nov 8, 2028.
Warrants issued to Perceptive: 1.25M shares at $2.43/share; additional 0.25M upon delayed draw.
Financial covenants: minimum trailing 12-month Advanced Energy revenue targets (2024: $41.6M, 2025: $57.0M); $3M min cash.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.99

Apyx Medical Corp incurred term loan of $37.5 million with Perceptive Credit Holdings IV, LP at floating rate based on one-month SOFR, subject to a floor of 5.0%, plus 7.0% maturing November 8, 2028.

Instrument: term loan
Principal: $37.5 million
Counterparty: Perceptive Credit Holdings IV, LP
Rate: floating rate based on one-month SOFR, subject to a floor of 5.0%, plus 7.0%
Maturity: November 8, 2028
Event: incurrence

Exact text from the filing

holly-owned subsidiaries (as subsidiary guarantors), and Perceptive Credit Holdings IV, LP (“Perceptive”) (as initial lender and administrative agent).

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

Apyx Medical Corp entered into Credit and Guaranty Agreement with Perceptive Credit Holdings IV, LP valued at up to $45 million (effective 2023-11-08).

Action: entry
Agreement: credit facility
Counterparty: Perceptive Credit Holdings IV, LP
Value: up to $45 million
Effective: 2023-11-08

Exact text from the filing

On November 8, 2023, Apyx Medical Corporation (the “Company”) entered into a Credit and Guaranty Agreement (the “Perceptive Credit Agreement”), by and among the Company (as borrower), Apyx China Holding Corp. and Apyx Bulgaria EOOD, the Company’s wholly-owned subsidiaries (as subsidiary guarantors), and Perceptive Credit Holdings IV, LP (“Perceptive”) (as initial lender and administrative agent).

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

Apyx Medical Corp terminated Credit, Security and Guaranty Agreement with MidCap Funding IV Trust and MidCap Financial Trust (effective 2023-11-08).

Action: termination
Agreement: credit facility
Counterparty: MidCap Funding IV Trust and MidCap Financial Trust
Effective: 2023-11-08

Exact text from the filing

In connection with the Company’s execution of the Perceptive Credit Agreement, the Company (i) repaid all outstanding obligations under its prior Credit, Security and Guaranty Agreement, with MidCap Funding IV Trust and MidCap Financial Trust (the “MidCap Credit Agreement”) and (ii) terminated the MidCap Credit Agreement.

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Apyx Medical Corp filing history →

Source: SEC EDGAR

accession 0001493152-23-040084

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