AtriCure, Inc. Enters into an Amendment to the Loan and Security Agreement with Silicon Valley Bank
January 03, 2019 at 04:34 pm IST
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On December 28, 2018, AtriCure, Inc. entered into an amendment to the company’s Loan and Security Agreement with Silicon Valley Bank dated February 23, 2018. The Amendment: Amends the interest rate on the principal amount of the outstanding Term Loan Advance from the greater of the Prime Rate or 4.50%, plus 3.75% to the greater of the Prime Rate or 4.50%, plus 0.50%. Increases Term Loan Prepayment Premium amount but reduces the period in which the Term Loan Prepayment Premium would be payable to one year following the date the Company entered the Amendment. Modifies certain financial covenants from a minimum revenue test to a liquidity ratio test. Waives the unearned portion of the financing fee, or approximately 1,100,000. Increases the Revolving Line termination fees, which apply in the event the Revolving Line is terminated prior to the Maturity Date. Revises the definition of Available Amount, modifying how availability on the Revolving Line is calculated. Amends the Letter of Credit sublimit to 2,500,000.
AtriCure, Inc. provides technologies for the treatment for atrial fibrillation (Afib), left atrial appendage (LAA) management and post-operative pain management. The Company's cardiac ablation and left atrial appendage management (LAAM) products are used by physicians during open-heart and minimally invasive surgical procedures. Its pain management solutions are used by physicians to freeze nerves during cardiothoracic or thoracic surgical procedures. The Company's products for open and minimally invasive ablation include Isolator Synergy Clamps and Multifunctional Pens and Linear Ablation Devices. Its products for open ablation include cryoICE Cryoablation System. Its products for minimally invasive ablation include EPi-Sense Guided Coagulation System with VisiTrax Technology. Its appendage management products include AtriClip System. The Isolator Synergy Ablation System clamps are single-use disposable radio frequency (RF) products with jaws that close in a parallel fashion.
ATRICURE, INC. 
