PROCEPT BioRobotics closes $52M term loan with CIBC, repays $50M Oxford facility

PROCEPT BioRobotics Corp

Entered $52M senior secured term loan with CIBC; fully drawn on Oct 6, 2022.
Interest rate is SOFR (1.5% floor) + 2.25%; interest-only for 36 months, then amortizing.
Prepayment permitted without penalty; financial covenants apply if cash below $100M.
Used loan plus cash to repay $50M Oxford facility (7.17% + LIBOR) and terminate it.
Proceeds used for working capital and general corporate purposes.

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