Outset Medical : New Financial Obligation - Form 8-K
December 11, 2023 at 09:03 pm
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Item 1.01 Entry into a Material Definitive Agreement.
As previously disclosed on Form 8-K filed on November 4, 2022, on November 3, 2022 (the Closing Date), Outset Medical, Inc. (the Company) entered into a term loan facility pursuant to a loan and security agreement (the SLR Term Loan Agreement) among SLR Investment Corp., as collateral agent (the Collateral Agent), the lenders from time to time party thereto (the Term Loan Lenders) and the Company (the SLR Term Loan Facility). The SLR Term Loan Facility provides (i) a term loan of $100.0 million (the Term A Loan), which was funded on the Closing Date, (ii) one or more term loans in the aggregate of up to $100.0 million (each, a Term B Loan) and (iii) one or more term loans in the aggregate of up to $50.0 million (each, a Term C Loan), subject to certain overall borrowing limitations and other borrowing conditions set forth in the SLR Term Loan Agreement.
On December 11, 2023 (the Amendment Effective Date), the Company amended the SLR Term Loan Facility pursuant to a First Amendment to Loan and Security Agreement (the SLR Term Loan Amendment) among the Collateral Agent, the Term Loan Lenders and the Company. The SLR Term Loan Amendment provides that the $100.0 million Term B Loans will be available in two tranches consisting of (i) Term B-1 Loans in the aggregate amount of approximately $33.5 million and (ii) Term B-2 Loans in the aggregate amount of approximately $66.5 million.
In connection with the SLR Term Loan Amendment, on the Amendment Effective Date, the Company borrowed and received the entire Term B-1 Loans from the Term Loan Lenders. After giving effect to such borrowing, the outstanding principal amount of the SLR Term Loan Facility is approximately $133.5 million.
The foregoing summaries of the SLR Term Loan Agreement and the SLR Term Loan Amendment do not purport to be complete and are qualified in their entirety by reference to the text of the SLR Term Loan Agreement, which was filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and the SLR Term Loan Amendment, which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ending December 31, 2023.
Outset Medical Inc. published this content on 11 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 December 2023 21:02:20 UTC.
Outset Medical, Inc. is a medical technology company. The Company offers Tablo Hemodialysis System (Tablo), which is a single enterprise solution for hemodialysis, comprised of a compact console with integrated water purification, on-demand dialysate production and advanced software and connectivity capabilities. The Company designed Tablo from the ground up to be a single enterprise solution that can be utilized across the continuum of care, allowing dialysis to be delivered anytime, anywhere and by virtually anyone. The Tablo system comprises components, which include Tablo Console, Tablo Cartridge and Tablo Data Ecosystem. Tablo Console is a compact, mobile and versatile machine consisting of an integrated water purification, on-demand dialysate production system and touchscreen interface with 3D animations. It also offers various key platforms, such as TabloHub, a customer-facing portal; MyTablo, a patient-facing portal, and TabloDash, an internal data analytics platform.
OUTSET MEDICAL, INC. 
