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Ares Capital Provides New $150MM Credit Facility to Paragon 28

November 08, 2023, 08:05 AM
Filed Under: Medical

Paragon 28, a leading medical device company exclusively focused on the foot and ankle orthopedic market, received a new $150 million credit facility from Ares Capital Corporation to replace its existing $90 million senior credit facility. The Facility is comprised of up to $100 million in term loans, with $75 million drawn at close, and a $50 million revolving credit facility, with $25 million drawn at close. The Facility is non-dilutive without warrants or other equity-based instruments. The Company’s September 30, 2023, pro forma liquidity is $147.0 million, including $97.0 million of pro forma cash and $50 million of available borrowings under the Facility.

“We expect continued improvements in our earnings and cash flow into 2024 and beyond, and the non-dilutive liquidity provided by Ares reinforces P28’s pathway to cash flow break-even,” said Steve Deitsch, Chief Financial Officer.

“We are excited to partner with Paragon 28, a truly innovative and high growth company,” said Doug Dieter, Partner in Ares’ Credit Group. “P28’s growth and leadership in the global foot and ankle market is impressive, and we are pleased to support its ongoing mission to improve patient outcomes.”

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