Neuronetics Announces Amendment of Credit Facility with SLR Investment Corp.
February 22 2022 - 7:30AM
Neuronetics, Inc. (NASDAQ: STIM), a commercial stage medical
technology company focused on designing, developing, and marketing
products that improve the quality of life for patients who suffer
from neurohealth disorders, today announced it has amended its term
loan agreement with its current lenders, investment affiliates
managed by SLR Investment Corp. (SLR), which was originally entered
into on March 2, 2020 and subsequently amended on April 20, 2020
and December 2, 2020. This amendment includes modifications to the
ability of the Company to extend the interest-only period, the
reduction of certain revenue covenants, and the elimination of the
final term loan tranche available to the Company.
The Company has the ability to, subject to certain conditions,
extend the interest only period on the initial Term A Loan to 36
months from 24 months, which if such conditions are satisfied,
would allow for the commencement of loan principal amortization
payments beginning on March 1, 2023.
In addition, the amendment reduced the trailing twelve-month net
product revenue covenants related to the facility.
As part of the December 2, 2020 amendment, the Company was
permitted to borrow, at its election, up to $15.0 million in three
separate $5.0 million tranches (Term B, C, and D Loans). The three
tranches were available through June 20, 2021, December 20, 2021,
and June 20, 2022, respectively, based on the achievement of agreed
upon trailing twelve-month net product revenue targets for each
tranche. The Company previously elected not to draw either of the
Term B or Term C tranches, and, as part of this amendment, the
Company agreed that it would not draw the Term D tranche.
About SLR Investment Corp:
SLR Investment Corp (NASDAQ: SLRC) is a yield-oriented Business
Development Company (BDC) that invests directly and indirectly in
senior secured loans of private middle market companies to generate
current income that is distributed to shareholders quarterly. We
collaborate with U.S. middle market businesses across a diversity
of industries to deliver customized debt financing solutions.
SLR Investment became a listed BDC in Q1 2010 and is investment
grade rated by Moody’s and Fitch.
About Neuronetics:
Neuronetics, Inc. believes that mental health is as important as
physical health. As a global leader in neuroscience and the largest
TMS company in the industry, Neuronetics is redefining patient and
physician expectations by designing and developing products that
improve the quality of life for people suffering from psychiatric
disorders. An FDA-cleared, non-drug, noninvasive treatment for
people with depression, Neuronetics’ NeuroStar® Advanced Therapy
system is today’s leading transcranial magnetic stimulation (TMS)
treatment for major depressive disorder with over four million
treatments delivered. NeuroStar is widely researched and backed by
the largest clinical data set of any TMS system for depression,
including the world’s largest depression Outcomes Registry.
Neuronetics is committed to transforming lives by offering an
exceptional treatment option that produces extraordinary results.
For safety information and indications for use, visit
NeuroStar.com.
“Safe harbor” statement under the Private Securities
Litigation Reform Act of 1995:
Statements in the press release regarding Neuronetics, Inc. (the
“Company”) that are not historical facts constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may be identified by terms such as “outlook,”
“potential,” “believe,” “expect,” “plan,” “anticipate,” “predict,”
“may,” “will,” “could,” “would” and “should” as well as the
negative of these terms and similar expressions. These statements
are subject to significant risks and uncertainties and actual
results could differ materially from those projected. The Company
cautions investors not to place undue reliance on the
forward-looking statements contained in this release. These risks
and uncertainties include, without limitation, risks and
uncertainties related to: the impact of COVID-19 on the Company’s
operational and budget plans as well as general political and
economic conditions, including as a result of efforts by
governmental authorities to mitigate COVID-19, such as travel
restrictions and third-party business closures and the related
impact on resource allocations, manufacturing and supply chains and
patient access to commercial products; the Company’s ability to
execute its business continuity; the Company’s ability to achieve
or sustain profitable operations due to its history of losses; the
Company’s reliance on the sale and usage of its NeuroStar Advanced
Therapy for Mental Health System to generate revenues; the scale
and efficacy of the Company’s salesforce; availability of coverage
and reimbursement from third-party payors for treatments using the
Company’s products; physician and patient demand for treatments
using the Company’s products; developments in respect of competing
technologies and therapies for the indications that the Company’s
products treat; product defects; the Company’s ability to obtain
and maintain intellectual property protection for its technology;
developments in clinical trials or regulatory review of NeuroStar
Advanced Therapy for Mental Health System for additional
indications; and developments in regulation in the United States
and other applicable jurisdictions. For a discussion of these and
other related risks, please refer to the Company’s recent SEC
filings which are available on the SEC’s website at www.sec.gov.
These forward-looking statements are based on the Company’s
expectations and assumptions as of the date of this press release.
Except as required by law, the Company undertakes no duty or
obligation to update any forward-looking statements contained in
this press release as a result of new information, future events,
or changes in the Company’s expectations.
Investor Contact:Mike Vallie or Mark
KlausnerICR Westwicke443-213-0499ir@neuronetics.com
Media
Contact:EvolveMKD646-517-4220NeuroStar@evolvemkd.com
SLR Investment (NASDAQ:SLRC)
Historical Stock Chart
From Jun 2024 to Jul 2024
SLR Investment (NASDAQ:SLRC)
Historical Stock Chart
From Jul 2023 to Jul 2024