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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
MidCap Financial Trust Provides $52MM Revolver for Accuray
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Lenders/Participants
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MidCap Financial [Lender]
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Structure
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Senior Secured Revolver
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Amount
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$52.000
Million
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Borrower(s)
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Accuray Incorporated
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Description
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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.
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Industry
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Medical
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| Related Tags |
MidCap Financial
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ABL Advisor
Deal Tables
2024
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