Apyx Medical in new five-year credit pact with Perceptive Credit

Apyx Medical announced that the Company and its subsidiaries have entered into a new, five-year credit agreement with Perceptive Credit Holdings IV, LP an affiliate of Perceptive Advisors. The Perceptive Credit Agreement provides for a facility of up to $45 million in senior secured term loans, with an initial loan of $37.5 million fully drawn at closing. “We are excited to announce this new debt facility with Perceptive Advisors,” said Charlie Goodwin, President and Chief Executive Officer. “This new facility provides Apyx Medical with access to additional capital – and at more attractive terms overall – than our prior agreement, significantly strengthening our balance sheet and enhancing our financial flexibility.” “We are excited to partner with Apyx Medical and believe that Renuvion will be a formidable product in the market as the company executes on its strategy,” said Sam Chawla, Portfolio Manager of Perceptive Advisors. The Perceptive credit facility matures on November 8, 2028 and includes an initial loan of $37.5 M and a delayed draw loan of $7.5 million. The initial loan of $37.5 million was fully funded on November 8, 2023, with approximately $11.0 million of the proceeds used to satisfy all obligations under the Company’s MidCap credit agreement, in addition to approximately $2.5 million of transaction fees and other expenses incurred in connection with the Perceptive Credit Agreement. The delayed draw loan can be drawn at the Company’s option until December 31, 2024, upon satisfaction of certain conditions and covenants, including, but not limited to, the achievement of a minimum revenue target.