Flexion entered into an amendment to its credit and security agreement with Silicon Valley Bank as agent, MidCap Financial Trust, Flexpoint MCLS Holdings, LLC, and the other lenders from time to time party thereto.  Pursuant to the amendment, the company borrowed $15.0 million under a new term loan advance and immediately used the proceeds to repay an equal amount under its revolving credit facility.

The maximum principal amount of the revolving credit facility was reduced from $20.0 million to $5.0 million.  The new term loan is subject to substantially the same terms, including interest rate, amortization and maturity date, as the existing term loan under the credit facility. 

Under the credit facility, as amended, Flexion remains subject to a minimum liquidity threshold of $80.0 million.