---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-046414"
form_type: "8-K"
ticker: "BFRI"
cik: "0001858685"
company_name: "Biofrontera Inc."
filed_at: "2023-12-28T23:59:59+00:00"
generated_at: "2026-06-07T06:31:29.283433+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Biofrontera enters $4M secured loan agreements maturing July 2024

## Summary
- Two term loans of $2M each from Lender A and B, evidenced by secured promissory notes dated Dec 21, 2023.
- Weekly principal and interest payments of ~$102,857 per loan; total interest per loan ~$880,000.
- Maturity July 5, 2024; loans secured by substantially all company assets with customary covenants.
- Company voluntarily terminating $6.5M MidCap Business Credit line of credit in connection with the new loans.

## SEC filing metadata
- accession: 0001493152-23-046414
- form_type: 8-K
- ticker: BFRI
- cik: 0001858685
- company_name: Biofrontera Inc.
- filed_at: 2023-12-28T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 1.02, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1858685/000149315223046414/0001493152-23-046414-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1858685/000149315223046414/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-046414
- JSON: https://secwatch.observer/filing/0001493152-23-046414.json
- Plain text: https://secwatch.observer/filing/0001493152-23-046414.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1858685/000149315223046414/0001493152-23-046414-index.htm
- Debt Financings
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1858685/000149315223046414/0001493152-23-046414-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1858685/000149315223046414/0001493152-23-046414-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1858685/000149315223046414/0001493152-23-046414-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.