PROCEPT BioRobotics Announces $52 Million Debt Refinancing
10 10월 2022 - 9:00PM
PROCEPT® BioRobotics Corporation (Nasdaq: PRCT) (the
“Company”), a surgical robotics company focused on advancing
patient care by developing transformative solutions in urology,
announced today that it has entered into a new five-year $52
million loan arrangement with CIBC Innovation Banking. Proceeds
from the new term loan were used to retire a $50 million debt
facility with the Company’s existing lender.
The Company’s new term loan includes a final maturity date of
five years from the closing date. The new term loan has an
interest-only period of 36 months, which may be extended to 48
months.
“In order to further strengthen our balance sheet, we have
successfully extinguished our $50 million term loan and
entered into a new facility with favorable terms,” said Kevin
Waters, Chief Financial Officer of PROCEPT BioRobotics. “This
agreement provides financial flexibility, by both delaying
principal payments and reducing our annual interest expense by
approximately $2.8 million, providing the Company additional
capital to execute our long-term growth plan.”
“CIBC Innovation Banking is pleased to support PROCEPT as it
continues its impressive growth,” said Jeff Chapman, Head of North
American Life Science and Healthcare, CIBC Innovation Banking. “We
are excited to work with a company on the forefront of surgical
robotics whose technology can treat so many patients.”
Armentum Partners served as financial advisor to the Company on
the transaction. Additional detail regarding the foregoing
financing is set forth in the Company’s Current Report on Form 8-K,
filed today with the SEC.
For more information on Aquablation therapy, visit
www.aquablation.com
About PROCEPT BioRobotics CorporationPROCEPT
BioRobotics is a surgical robotics company focused on advancing
patient care by developing transformative solutions in urology.
PROCEPT BioRobotics develops, manufactures and sells the AquaBeam
Robotic System, an advanced, image-guided, surgical robotic system
for use in minimally-invasive urologic surgery with an initial
focus on treating benign prostatic hyperplasia, or BPH. BPH is the
most common prostate disease and impacts approximately 40 million
men in the United States. PROCEPT designed Aquablation therapy to
deliver effective, safe and durable outcomes for males suffering
from lower urinary tract symptoms, or LUTS, due to BPH that are
independent of prostate size and shape or surgeon experience. The
Company has developed a significant and growing body of clinical
evidence, which includes nine clinical studies and over 100
peer-reviewed publications, supporting the benefits and clinical
advantages of Aquablation therapy.
Forward Looking StatementsThis release contains
forward‐looking statements within the meaning of federal securities
laws, including with respect to the Company’s projected financial
performance for full year 2022, statements regarding the potential
utilities, values, benefits and advantages of Aquablation® therapy
performed using PROCEPT BioRobotics’ products, including AquaBeam®
Robotic System, which involve risks and uncertainties that could
cause the actual results to differ materially from the anticipated
results and expectations expressed in these forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements. Forward-looking statements are only
predictions based on our current expectations, estimates, and
assumptions, valid only as of the date they are made, and subject
to risks and uncertainties, some of which we are not currently
aware. Forward-looking statements may include statements regarding
financial guidance, market opportunity and penetration, the
Company’s possible or assumed future results of operations,
including descriptions of the Company’s revenues, gross margin,
profitability, operating expenses, installed base growth,
commercial momentum, reimbursement coverage, overall business
strategy, and other global events on the Company and its
operations. Forward‐looking statements should not be read as a
guarantee of future performance or results and may not necessarily
be accurate indications of the times at, or by, which such
performance or results will be achieved. These forward‐looking
statements are based on the Company’s current expectations and
inherently involve significant risks and uncertainties. Actual
results and the timing of events could differ materially from those
anticipated in such forward‐looking statements as a result of these
risks and uncertainties. These risks and uncertainties are
described more fully in the section titled “Risk Factors” in the
Company’s filings with the Securities and Exchange Commission (the
“SEC”), including the Company’s annual report on From 10-K filed
with the SEC on March 22, 2022, and in the Company’s other periodic
reports filed with the SEC. PROCEPT BioRobotics does not undertake
any obligation to update forward‐looking statements and expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward‐looking statements contained
herein. These forward-looking statements should not be relied upon
as representing PROCEPT BioRobotics’ views as of any date
subsequent to the date of this press release.
Important Safety
Information
All surgical treatments have inherent and associated side
effects. For a list of potential side effects visit
https://aquablation.com/safety-information/
Investor Contact:Matt Bacso, CFA VP, Investor
Relations and Business
Operationsm.bacso@PROCEPT-BioRobotics.com
PROCEPT BioRobotics (NASDAQ:PRCT)
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PROCEPT BioRobotics (NASDAQ:PRCT)
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