FILL YOUR WELLIES ..14 Nov 2019 12:06
With these agreements, MidCap has suspended its testing of the financial banking covenants until the end of June 2020.
MidCap will add the repaid USD5.5 million of the first tranche to the term loan under the second tranche, which will be increased to USD10.5 million.
Access to tranche two and three, the latter consisting of USD2.5 million, remains in place, however the drawdown of these tranches is subject to MidCap's discretion and Tissue Regenix's recapitalisation.
Following the repayment, Tissue Regenix now has enough working capital until the end of March 2020 at least.
"I am very pleased that Midcap have shown their support for the company by entering this revised agreement. There is still much to do to bring on stream new capacity but with strong demand for our products and the hard work and dedication of our employees we will continue to review our funding options," said Executive Chair John Samuel.
By Dayo Laniyan; dayolaniyan@alliancenews.com