MIMEDX Announces Improved Capital Structure with New Senior Secured Credit Facilities and Debt Refinancing
January 22 2024 - 8:00AM
MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”) today
announced that it has enhanced its capital structure by refinancing
its existing indebtedness and obtaining additional borrowing
capacity in support of the Company’s future growth objectives.
These new senior secured credit facilities (the “Facilities”),
totaling $95 million and due in January 2029, are comprised of
a $75 million revolving credit facility and a $20 million term loan
facility and were obtained through a syndicate of banks comprised
of Citizens and Bank of America, N.A.
At closing, the Company drew $50 million under the Facilities,
consisting of a $20 million term loan and $30 million in
revolving loans, and used the proceeds of the loans to pay in full
all of the outstanding obligations owing under its existing credit
facility with Hayfin Capital, which was set to mature in June
2025.
MIMEDX Chief Financial Officer, Doug Rice commented, “As a
result of the Company’s strong financial performance over the last
year, we were in the position to strengthen our balance sheet and
improve our overall capital structure. In addition to our solid
cash generation in 2023, this new debt facility provides us with
even greater flexibility in achieving our long-term strategic
goals.”
Mr. Rice continued, “The terms on these new Facilities reflect
the substantial progress we have made in improving our financial
profile, simultaneously delivering a significant reduction in our
interest expense and additional borrowing capacity that will enable
us to prudently fund organic and inorganic initiatives. I am
grateful for the expertise and partnership from Citizens Bank,
which led this refinancing effort.”
Commenting on the new Facilities, Dan Fitzpatrick, President of
Citizens, Mid Atlantic Region, stated, “When a client such as
MIMEDX chooses Citizens, they are selecting a strategic partner
committed to helping them achieve their goals. We have a deep
understanding of the increasingly complex challenges our clients
face and a strong track record of helping them succeed. We look
forward to working closely with the MIMEDX team going forward.”
About MIMEDXMIMEDX is a pioneer and leader
focused on helping humans heal. With more than a decade of helping
clinicians manage chronic and other hard-to-heal wounds, MIMEDX is
dedicated to providing a leading portfolio of products for
applications in the wound care, burn, and surgical sectors of
healthcare. The Company’s vision is to be the leading global
provider of healing solutions through relentless innovation to
restore quality of life. For additional information, please visit
www.mimedx.com.
About Citizens Financial Group, Inc. Citizens
Financial Group, Inc. is one of the nation’s oldest and largest
financial institutions, with $222.0 billion in assets as
of December 31, 2023. Headquartered in Providence, Rhode
Island, Citizens offers a broad range of retail and commercial
banking products and services to individuals, small businesses,
middle-market companies, large corporations and institutions.
Citizens helps its customers reach their potential by listening to
them and by understanding their needs in order to offer tailored
advice, ideas and solutions. In Consumer Banking, Citizens provides
an integrated experience that includes mobile and online banking, a
full-service customer contact center and the convenience of
approximately 3,200 ATMs and approximately 1,100 branches in 14
states and the District of Columbia. Consumer Banking products
and services include a full range of banking, lending, savings,
wealth management and small business offerings. In Commercial
Banking, Citizens offers a broad complement of financial products
and solutions, including lending and leasing, deposit and treasury
management services, foreign exchange, interest rate and commodity
risk management solutions, as well as loan syndication, corporate
finance, merger and acquisition, and debt and equity capital
markets capabilities. More information is available
at www.citizensbank.com or visit us on X (formerly
Twitter), LinkedIn or Facebook.
About Bank of America“Bank of America” and
“BofA Securities” are the marketing names used by the Global
Banking and Global Markets divisions of Bank of America
Corporation. Lending, derivatives, other commercial banking
activities, and trading in certain financial instruments are
performed globally by banking affiliates of Bank of America
Corporation, including Bank of America, N.A., Member FDIC. Trading
in securities and financial instruments, and strategic advisory,
and other investment banking activities, are performed globally by
investment banking affiliates of Bank of America Corporation
("Investment Banking Affiliates"), including, in the United States,
BofA Securities, Inc., which is a registered broker-dealer and
Member of SIPC, and, in other jurisdictions, by locally
registered entities. BofA Securities, Inc. is a registered futures
commission merchant with the CFTC and a member of the NFA.
Investment products offered by Investment Banking
Affiliates:
Are Not FDIC Insured |
Are Not Bank Guaranteed |
May Lose Value |
© 2024 Bank of America Corporation. All rights reserved.
Contact:Matt NotarianniInvestor
Relations470-304-7291mnotarianni@mimedx.com
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