Hansen Medical has signed a $33 million, long-term, debt financing agreement with White Oak Global Advisors.
The new debt financing facility will require quarterly interest-only payments through December 30, 2017, at which time the Company will also pay the principal balance.
The proceeds from this new debt financing facility will be used to refinance the Company's current $30 million debt financing facility, and related fees.
The existing debt financing facility will then be retired in its entirety.
Under the existing debt financing facility Hansen Medical would be required to begin making principal payments starting in August of this year through the end of the agreement in January of 2016.
With this new debt financing agreement the Company will make interest-only payments on the debt through 2017 thereby providing a net liquidity enhancement of approximately $25 million over the next 30 months compared to the current debt financing facility.
The new debt financing facility is expected to close and fund on or before July 31, 2013.
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