Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Biofrontera Inc. incurred term loan of $2,000,000 with Lender A maturing July 5, 2024.
- Instrument
- term loan
- Principal
- $2,000,000
- Counterparty
- Lender A
- Maturity
- July 5, 2024
- Event
- incurrence
Exact text from the filing
On December 21, 2023, Biofrontera, Inc. (the "Company") entered into (a) a Business Loan and Security Agreement (the "Agreement A") pursuant to which the lender ("Lender A") has made a term loan to the Company in the principal amount of $2,000,000 ("Loan A"), evidenced by a Secured Promissory Note, effective as of December 21, 2023 ("Note A"), made by the Company in favor of Lender A
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Biofrontera Inc. incurred term loan of $2,000,000 with Lender B maturing July 5, 2024.
- Instrument
- term loan
- Principal
- $2,000,000
- Counterparty
- Lender B
- Maturity
- July 5, 2024
- Event
- incurrence
Exact text from the filing
and (b) a Business Loan and Security Agreement ("Agreement B" and together with the Agreement A, the "Loan Agreements") pursuant to which the lender ("Lender B") has made a term loan to the Company in the principal amount of $2,000,000 (the "Loan B" and together with the Loan A, the "Loans"), evidenced by a Secured Promissory Note, effective as of December 21, 2023 ("Note B"), made by the Company in favor of Lender B.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Biofrontera Inc. entered into Business Loan and Security Agreements A and B with Lender A and Lender B valued at Two term loans of $2,000,000 each, total $4,000,000 (effective 2023-12-21).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Lender A and Lender B
- Value
- Two term loans of $2,000,000 each, total $4,000,000
- Effective
- 2023-12-21
Exact text from the filing
On December 21, 2023, Biofrontera, Inc. (the “Company”) entered into (a) a Business Loan and Security Agreement (the “Agreement A”) pursuant to which the lender (“Lender A”) has made a term loan to the Company in the principal amount of $2,000,000 (“Loan A”), evidenced by a Secured Promissory Note, effective as of December 21, 2023 (“Note A”), made by the Company in favor of Lender A; and (b) a Business Loan and Security Agreement (“Agreement B” and together with the Agreement A, the “Loan Agreements”) pursuant to which the lender (“Lender B”) has made a term loan to the Company in the principal amount of $2,000,000 (the “Loan B” and together with the Loan A, the “Loans”), evidenced by a Secured Promissory Note, effective as of December 21, 2023 (“Note B”), made by the Company in favor of Lender B.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Biofrontera Inc. terminated Revolving line of credit with MidCap Business Credit LLC with MidCap Business Credit LLC valued at Voluntary termination of revolving line of credit that provided for maximum borrowings of $6.5 milli.
- Action
- termination
- Agreement
- credit facility
- Counterparty
- MidCap Business Credit LLC
- Value
- Voluntary termination of revolving line of credit that provided for maximum borrowings of $6.5 milli
Exact text from the filing
In connection with entering into the Agreement A and Agreement B, the Company is in the process of voluntarily terminating the revolving line of credit between the Company and MidCap Business Credit LLC that provided for maximum borrowings of $6.5 million, subject to a borrowing base and an availability block.
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