This article is more than 5 years old. Information may no longer be current.
Alimera refinances debt with Solar Capital
Alimera Sciences has entered into a new $45 million term loan agreement with Solar Capital Partners, refinancing its debt facility, according to a press release.
The funding includes $42.5 million used to repay the current facility, including principal, prepayment fees and accrued interest, and $2.5 million that will be available if the company reached $30 million in revenue for any 6-month period ending on or before Nov. 30, 2020, the release said.
“We are pleased that Solar Capital has agreed to extend our relationship and continue working with Alimera in support of our future growth,” Rick Eiswirth, Alimera’s president and CEO, said in the release. “As we stated in November, we believe we have sufficient cash on hand to fund our operations throughout 2020. The new terms of this debt facility defer the commencement of amortization payments from July 1, 2020, as previously scheduled to Jan. 1, 2023, and mitigate the need for any additional financing during that period. We look forward to continuing to work with Solar and to growing the Iluvien franchise, helping patients see better, longer, with fewer intraocular injections.”
The new loan has a term of 54 months with monthly interest-only payments through Jan. 1, 2023, when principal amortization begins.