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Eastward Capital Partners Completes Refinance for Augmedix

March 30, 2021, 06:15 AM
Filed Under: Specialty Industries

Augmedix refinanced its long-term debt obligations through a secured term loan with Eastward Capital Partners.

The new loan facility consists of a $15 million secured term loan and $2 million available in 4Q21 upon the achievement of certain financial objectives. A portion of the proceeds from the term loan were used to pay down $13.0 million of the Company’s existing long-term debt and associated fees as of December 31, 2020, with the remaining being used for working capital and general corporate purposes.

“We are happy to announce the refinancing, which enhances our balance sheet and significantly extends our operating runway,” said Paul Ginocchio, Chief Financial Officer of Augmedix. “Our recent fourth quarter 2020 capital raise, and OTCQX listing, combined with our strong financial performance, speak to a bright future for our company and our clinician partners. The refinancing provides us with greater flexibility to support the execution of our growth strategy. It has been great to team up with Eastward Capital Partners.”

“Eastward Capital Partners is pleased to support Augmedix’s differentiated offering, growth plans, and strong management team,” said Tim O’Loughlin, Investment Partner at Eastward Capital Partners. “We were attracted by Augmedix’s large addressable market and great execution. Eastward is excited to partner with Augmedix on its mission to rehumanize the clinician-patient relationship.”

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