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MidCap Financial Trust Provides $52MM Revolver for Accuray
Monday, June 19, 2017

Lenders/Participants MidCap Financial [Lender]
Structure Senior Secured Revolver
Amount $52.000 Million
Borrower(s) Accuray Incorporated
Description A new $52 million senior secured revolving loan facility. The net proceeds of the facility, in addition to cash on hand were used to retire all debt held by Cerberus Business Finance, LLC. The new facility bears interest at 90-day LIBOR (subject to a 1.00% floor) plus 450 basis points with a final maturity date of June 2021. This spread is up to 300 basis points lower than the debt being retired and as a result Accuray expects interest costs to be reduced by approximately $2.0 million annually beginning in fiscal 2018. The Company can draw upon a further $33.0 million of additional revolving facility, subject to the terms of the agreement.
Industry Medical
Related Tags MidCap Financial

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