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SELECTED TRANSACTION DETAILS
Avenue Capital Provides $40MM Credit Facility to LifeMD
Thursday, March 23, 2023

Lenders/Participants Avenue Capital [Lender]
Structure Senior Secured Credit Facility
Amount $40.000 Million
Borrower(s) LifeMD
Description The credit agreement, which matures on October 1, 2026, provides up to $40 million in total term loan capital including a first tranche of $15 million funded at closing, a second tranche of $5 million of committed capital and an additional accordion option to upsize the credit facility by an additional $20 million. The term loans provide for an 18-month interest-only period, which can be extended to 24 months upon satisfaction of certain conditions. The second tranche will be available for draw at the Company’s election in the fourth quarter 2023 provided the Company is in compliance with the agreement. The additional accordion option is available subject to mutual approval by the Company and Avenue Capital. The credit facility bears interest at an annual rate equal to the greater of (i) the sum of four and three-quarters percent (4.75%) plus the Prime Rate, and (ii) twelve and one-half percent (12.50%). The obligations under the Avenue Capital credit facility are secured by a lien on substantially all of the assets of the Company.
Industry Healthcare
Location NY
Related Tags Healthcare