leadf
logo-loader
viewAnteris Technologies Ltd

Admedus secures debt funding to expand business

Admedus has two key revenue streams which totalled $22.3 million in FY17.

small coloured wooden blocks setup to read 'funding'
Being able to secure debt funding is a credit to the Admedus business model

Admedus (ASX:AHZ) has entered into an agreement with Partners for Growth (PFG) for a secured debt facility of up to A$10 million to support continued expansion.

The facility consists of a $5 million revolving line of credit (RLOC) at an interest rate of 9.75% and a $5 million term loan at an interest rate of $11.75%.

Both the RLOC and term loan are repayable in 36 months and the company will fully draw the term loan facility.

Wayne Paterson, CEO, commented

“The outlook for Admedus has never been more confident than it is today; we are on track to ambitiously expand our business.

“PFG have a strong track record supporting high-growth Australian companies such as ours and we look forward to working with them as we take Admedus to the next level globally.

“Today’s agreement is consistent with our longstanding commitment to avoid raising capital in a way that would unduly dilute the position of our very patient and enormously supportive shareholders.”

Partners for Growth (PFG)

Based in the San Francisco Bay area, PFG is a partnership that provides capital funding debt solutions to private and public technology and life science companies.

PFG has been granted a first-ranking security for the loans on all of Admedus’s assets and most wholly-owned group companies.

Admedus gives certain covenants and warranties typical for a facility of this nature, including maintenance of certain financial ratios.

In conjunction with receiving the loan facility from PFG, Admedus has agreed to issue PFG a 7-year warrant for the issue of 4.9 million shares exercisable at $0.25.

READ NOW: Admedus submits patent application and enters trading halt

Quick facts: Anteris Technologies Ltd

Price: 3.94 AUD

ASX:AVR
Market: ASX
Market Cap: $23.29 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Anteris Technologies Ltd named herein, including the promotion by the Company of Anteris Technologies Ltd in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Anteris Technologies CEO hails 'very good results' from DurAVR™ human study

Anteris Technologies Ltd's (ASX:AVR) Wayne Paterson caught up with Proactive's Andrew Scott soon after reporting that early results from its first-in-human study of its proprietary DurAVR™ aortic valve found that patient outcomes exceeded the results of what is normally expected following a...

1 week, 3 days ago

2 min read