EXETER, N.H.–(BUSINESS WIRE)–Vapotherm, Inc. (NYSE: VAPO), (“Vapotherm” or the “Firm”), a world medical know-how firm centered on the event and commercialization of its proprietary excessive velocity remedy, which is used to deal with sufferers of all ages affected by respiratory misery, in the present day introduced that it has entered right into a mortgage and safety settlement with CIBC Innovation Banking that gives the Firm with as much as $52 million in debt financing by a mixture of a time period mortgage facility and a revolving credit score facility. Proceeds of the amenities can be used to repay the Firm’s present revolving mortgage facility and time period mortgage facility.
“We’re happy to announce this debt refinancing with CIBC Innovation Banking, a number one monetary establishment within the healthcare area,” stated John Landry, Sr. Vice President and Chief Monetary Officer of Vapotherm. “This financing gives us with incremental flexibility to be able to proceed to develop the enterprise whereas lowering our weighted common price of capital.”
The settlement gives the Firm with a time period mortgage of $40 million, which matures 5 years from closing. Advances underneath the time period mortgage bear curiosity at an annual fee equal to the Wall Road Journal Prime Fee plus 2.5%, with interest-only funds for the primary 36 months earlier than the mortgage begins to amortize in 24 equal month-to-month installments. The settlement additionally gives the Firm with a revolving line of credit score of as much as $12 million. The revolving line of credit score matures two years from closing and advances underneath the revolving credit score facility bear curiosity at an annual fee equal to the Wall Road Journal Prime Fee plus 1.zero%. The time period mortgage facility and the revolving credit score facility are secured by a lien on considerably all the property of the Firm, together with the Firm’s mental property. Further particulars concerning the settlement and the amenities are included within the Firm’s Present Report on Kind Eight-Ok and the Firm’s mortgage and safety settlement, that are anticipated to be filed on October 22, 2020 with the Securities and Change Fee.
On October 21, 2020, the Firm utilized roughly $40 million underneath its new time period mortgage facility, roughly $four.9 million of the brand new revolving credit score facility, and money to repay all excellent obligations underneath its prior time period mortgage facility with Perceptive Credit score Holdings II, L.P. and to repay all excellent obligations underneath its prior revolving credit score facility with Western Alliance Financial institution.
Vapotherm, Inc. (NYSE: VAPO) is a publicly traded developer and producer of superior respiratory know-how primarily based in Exeter, New Hampshire, USA. The corporate develops revolutionary, comfy, non-invasive applied sciences for respiratory assist of sufferers with persistent or acute respiration problems. Over 2.three million sufferers have been handled with Vapotherm excessive velocity remedy. For extra data, go to www.vapotherm.com.
Vapotherm excessive velocity remedy is mask-free noninvasive ventilatory assist and is a front-line software for relieving respiratory misery—together with hypercapnia, hypoxemia, and dyspnea. It permits for the quick, protected remedy of undifferentiated respiratory misery with one user-friendly software. The Precision Move system’s mask-free interface delivers optimally conditioned respiration gases, making it comfy for sufferers and lowering the dangers and care complexities related to masks therapies. Whereas being handled, sufferers can discuss, eat, drink and take oral medicine.
Web site Info Vapotherm routinely posts necessary data for buyers on the Investor Relations part of its web site, http://investors.vapotherm.com/. Vapotherm intends to make use of this web site as a method of exposing materials, private data and for complying with Vapotherm’s disclosure obligations underneath Regulation FD. Accordingly, buyers ought to monitor the Investor Relations part of Vapotherm’s web site, along with following Vapotherm’s press releases, Securities and Change Fee filings, public convention calls, displays and webcasts. The data contained on, or which may be accessed by, Vapotherm’s web site is just not included by reference into, and isn’t part of, this press launch.
