Business
iRhythm Technologies Announces Amendment to Term Loan Agreement
Provides enhanced credit facility up to $100 million with favorable terms and facility maturity extended to March 2027 SAN FRANCISCO, March 29, 2022 (GLOBE
About this update from Irhythm Holdings, Inc.
[{"type":"text","content":"Provides enhanced credit facility up to $100 million with favorable terms and facility maturity extended to March 2027\nSAN FRANCISCO, March 29, 2022 (GLOBE NEWSWIRE) -- iRhythm Technologies, Inc. (NASDAQ: IRTC), a leading digital healthcare solutions company focused on the advancement of cardiac care, announced it has amended its existing debt facility with Silicon Valley Bank (the “Amended Credit Facility”). The agreement improves upon the pricing and terms of iRhythm’s existing credit facility (“Existing Credit Facility”). The Amended Credit Facility is non-dilutive and consists of a term loan of up to $75 million (the “Term Loan”) and a revolving credit facility of up to $25 million (the “Revolving Credit Line”). Thirty-five million dollars of the Term Loan has been drawn down at closing to pay in full the approximately $18.5 million outstanding on the term loan under the Existing Credit Facility and to fund working capital. The remaining $40 million of the Term Loan will remain available for iRhythm to draw through December 31, 2023, subject to applicable conditions. The Revolving Credit Line availability is subject to a borrowing base comprised of the Company’s accounts receivable. The Amended Credit Facility will mature on March 1, 2027. “We are pleased to further strengthen our cash position with non-dilutive financing at a reduced cost of capital and an extended maturity compared to our prior loan agreement,” said Quentin Blackford, iRhythm President and CEO. “This amendment to our existing debt facility provides us with continued financial stability and flexibility to execute upon our core strategies of accelerating growth in our core market and expanding our opportunities in adjacent ones.” \"Silicon Valley Bank is thrilled to continue partnering with iRhythm to support their mission to advance cardiac care with innovative and clinically actionable heart monitoring solutions,\" said Kristina Peralta, Senior Vice President, Life Science & Healthcare at Silicon Valley Bank. Additional information on the Amended Credit Facility can be found in our Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on March 29, 2022. About iRhythm Technologies, Inc.iRhythm is a leading digital health care company redefining the way cardiac arrhythmias are clinically diagnosed. The company combines wearable b...