AXOGEN, INC. (NASDAQ:AXGN) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
On October 25, 2016 (the “Closing Date”), AxoGen, Inc. (the “Company”) and its wholly owned subsidiary AxoGen Corporation (“AC”), each as borrowers, entered into the term loan agreement (the “MC Term Loan Agreement”) with the lenders party thereto and MidCap Financial Trust (“MidCap”), as administrative agent and lender. Under the MC Term Loan Agreement, MidCap provided the Company a term loan in the aggregate principal amount of $21 million. On the Closing Date, the Company and AC, each as borrowers, also entered into a Credit and Security Agreement (Revolving Loan) (the “Revolving Loan Agreement” and together with the MC Term Loan Agreement, the “Loan Agreements”) with the lenders party thereto and MidCap, as administrative agent and a lender. Under the Revolving Loan Agreement, MidCap agreed to lend the Company up to $10 million under a revolving credit facility.
On May 22, 2018, the Company paid$26,879,732 to pay off all outstanding obligations under the Loan Agreements, including all fees associated with such payoff. Such aggregate payoff amount included a $620,000 prepayment fee and a $1,050,000 exit fee. As a result, effective as of May 22, 2018, the MC Term Loan Agreement and Revolving Loan Agreement are of no further force or effect.