Business
Evolus Extends Term of Credit Facility with Pharmakon Advisors
Second Tranche of $50 Million Now Available Until December 31, 2023, Providing Continued Financial Flexibility All Other Facility Terms and Conditions Remain
About this update from Evolus, Inc. Common Stock
[{"type":"text","content":"\n\nSecond Tranche of $50 Million Now Available Until December 31, 2023, Providing Continued Financial Flexibility\n\n\nAll Other Facility Terms and Conditions Remain Unchanged\n\n\nCompany Continues to Expect Existing Cash to Fund Current Operations Through Breakeven\n\n\n NEWPORT BEACH, Calif.--(BUSINESS WIRE)--\nEvolus, Inc. (NASDAQ: EOLS), a performance beauty company with a customer-centric approach focused on delivering breakthrough products, today announced it has extended the expiration date of the second undrawn tranche under its existing term loan financing facility with investment funds managed by Pharmakon Advisors, LP to December 31, 2023.\n\n“Supported by our unique business strategy and focus on the fast-growing millennial demographic, Evolus is continuing to gain market share and remains on track for a strong finish to 2022,” said David Moatazedi, Evolus’ President and Chief Executive Officer. “We remain confident in our ability to achieve cash flow breakeven with our existing cash balance as we explore opportunities to broaden our product portfolio. We are very pleased that Pharmakon supports our vision to become a leading, multi-product aesthetics company by extending the availability of long-term financing.”\n\n“We are proud to financially partner with Evolus as it advances its mission and capitalizes on the underpenetrated aesthetic neurotoxin market,” said Pedro Gonzalez de Cosio, CEO of Pharmakon Advisors, LP. “We remain confident that the company’s highly experienced management team will continue to grow its brand and build a leading aesthetics industry franchise.”\n\nThe original $125 million term loan facility included two tranches: the first for $75 million that was drawn in full in 2021, and a second undrawn tranche of $50 million that, prior to the extension, was set to expire on December 31, 2022. Except for the new expiration date, all other terms of the facility remain unchanged. Those include:\n\n\nA maturity on the six-year anniversary of the closing date of the first tranche.\n\n\nInterest-only payments required during the first 36 months after which ratable principal payments commence for the remaining 36 months.\n\n\nInterest paid quarterly using the 3-month LIBOR (with a 1% floor) plus 8.5% per annum.\n\n\nA Form 8-K outlining the revised terms of the credit facility was filed today with the ...