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Silicon Valley Bank, MidCap Financial Ink $100MM Credit Agreement for Organogenesis Holdings

March 15, 2019, 08:00 AM
Filed Under: Medical

Organogenesis Holdings Inc., a leading regenerative medicine company focused on the development, manufacture, and commercialization of product solutions for the Advanced Wound Care and Surgical and Sports Medicine markets, announced a new credit agreement with Silicon Valley Bank, the lead agent, and MidCap Financial. The agreement provides for a credit facility in the aggregate principal amount of $100 million, consisting of a $60 million term loan facility and a $40 million revolving credit facility.  The agreement contains customary representations, warranties, and covenants, including financial covenants, and requires achievement of certain financial milestones in order to draw the final $20 million of the term loan facility.  The proceeds from the term loan and revolving credit facility will be used for general corporate purposes and the repayment of the Company's existing credit facility and a lease with Eastward Capital Partners.

"Silicon Valley Bank has been a great partner to Organogenesis and we appreciate their continued support with this new credit agreement," said Tim Cunningham, Chief Financial Officer of Organogenesis Holdings Inc. "This new term loan and revolving credit facility enhances our balance sheet and allows us to continue to execute our strategic growth objectives."

"Organogenesis is driving important advancements in regenerative medicine," said Kevin Longo, Northeast Head  of Medical Device and Digital Health for Silicon Valley Bank. "We are pleased to expand our relationship with the Organogenesis team as they grow and scale their business."

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