Sanara MedTech Inc. (SMTI): debt financing — Sanara MedTech enters $55M non-dilutive term loan with CRG; repays $9.8M existing debt

Sanara MedTech Inc.

New $55M term loan with CRG Servicing LLC; $15M drawn at close, up to $40M available in two tranches before June 30, 2025.
Interest at 13.25% p.a. (8% cash, 5.25% PIK optional); maturity March 30, 2029.
Proceeds used to retire $9.8M Cadence Bank term loan; remaining for acquisitions, working capital.
Financial covenants: maintain liquidity >$3M; minimum annual revenue of $60M (2024), $75M (2025), $85M (2026), $95M (2027), $105M (2028+).
Prepayment premiums: 10% within 1 year, 5% between 1-2 years, none after 2 years; loan secured by substantially all assets.

item 1.01 item 1.02 item 2.03 item 7.01 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

Sanara MedTech Inc. incurred term loan of up to $55.0 million with CRG Servicing LLC at 13.25% maturing March 30, 2029.

Instrument: term loan
Principal: up to $55.0 million
Counterparty: CRG Servicing LLC
Rate: 13.25%
Maturity: March 30, 2029
Event: incurrence

Exact text from the filing

On April 17, 2024 (the “Closing Date”), Sanara MedTech Inc. (the “Company”) entered into a Term Loan Agreement (the “Loan Agreement”), by and among the Company, as borrower, the subsidiary guarantors party thereto from time to time (collectively, the “Guarantors”), CRG Servicing LLC, as administrative agent and collateral agent (the “Agent”), and the lenders party thereto from time to time, providing for a senior secured term loan of up to $55.0 million (the “Loan”).

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

Sanara MedTech Inc. entered into Loan Agreement with CRG Servicing LLC valued at up to $55.0 million (effective 2024-04-17).

Action: entry
Agreement: credit facility
Counterparty: CRG Servicing LLC
Value: up to $55.0 million
Effective: 2024-04-17

Exact text from the filing

Sanara MedTech Inc. (the “Company”) entered into a Term Loan Agreement (the “Loan Agreement”), by and among the Company, as borrower, the subsidiary guarantors party thereto from time to time (collectively, the “Guarantors”), CRG Servicing LLC, as administrative agent and collateral agent (the “Agent”), and the lenders party thereto from time to time, providing for a senior secured term loan of up to $55.0 million (the “Loan”).

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Sanara MedTech Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-015133

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