Alimera Sciences Refinances Debt Facility With Solar Capital

Alimera Sciences (NASDAQ:ALIM) announced that it refinanced its debt facility by entering into a new US$45 million term loan agreement with investment affiliates managed by Solar Capital Partners.

As quoted in the press release:

The amount of the new funding includes an initial tranche of $42.5 million used to repay the current facility, including principal, prepayment fees and accrued interest, and another $2.5 million tranche that will be available if Alimera achieves $30.0 million in revenue for any trailing six-month period ending on or before November 30, 2020.

The new loan agreement has a term of 54 months to July 1, 2024, with monthly interest-only payments to January 1, 2023, when principal amortization begins. The interest-only period may be extended an additional six months if Alimera achieves $34.5 million in revenue for any trailing six-month period ending on or before June 30, 2022.

Click here to read the full press release.