ASX ANNOUNCEMENT 26 October 2017 ADMEDUS ANNOUNCES FACILITY AGREEMENT WITH PARTNERS FOR GROWTH
MINNEAPOLIS, MN – Admedus Limited (ASX:AHZ) (Company or Admedus) today announced that it has entered into an agreement with Partners for Growth (PFG) for a secured debt facility of up to AUD $10 million. Based in the San Francisco Bay area, PFG is
“The outlook for Admedus has never been more confident than it is today; we are on track to ambitiously expand our business,” said CEO Wayne Paterson. “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,” Paterson added.
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a partnership that provides capital funding debt solutions to private and public
technology and life science companies.
The new PFG facility for Admedus consists of a $5 million revolving line of credit (RLOC)
at an interest rate of 9.75%1 and a $5 million term loan at an interest rate of $11.75%
Both the RLOC and term loan are repayable in 36 months. The Company will fully draw
the term loan facility.
PFG has been granted a first-ranking security for the loans on all assets of the Company
and most wholly-owned group companies. The Company gives certain covenants and
warranties typical for a facility of this nature, including maintenance of certain financial
ratios. The loan facility contains typical events of default on which the loans become
repayable, including for breach of representations or covenants and de-listing of the
Company from ASX.
In conjunction with receiving the loan facility from PFG, Admedus has agreed to issue
PFG a 7-year warrant (the Warrant) for the issue of 4,938,799 ordinary shares in the
1 A higher interest rate is payable if interest is not paid on time and fees may apply for multiple late payments
Company at an exercise price of AUD$0.25 per share (which is the 5-day volume
weighted average price of Admedus shares up to the last trading day before this
announcement). The key terms of the Warrant are set out in the Appendix 3B which will
be released on ASX today.
About Admedus Limited
Admedus (ASX:AHZ) is a medical technologies company delivering clinically superior solutions that help healthcare professionals create life-changing outcomes for patients. Our focus is on investing in and developing next generation technologies with world class partners, acquiring strategic assets to grow product and service offerings and expanding revenues from our existing medical sales and distribution business. The company has assets from research and development through clinical development as well as sales, marketing and distribution.
Website:
www.admedus.com
Twitter:
@Admedus
Facebook:
www.facebook.com/pages/Admedus
For more information, please contact:
Admedus Limited
Barb Ferres
+61 7 3152 3216
[email protected]
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