Nuvectra Corporation (NASDAQ:NVTR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive |
Effective February 14, 2017, Nuvectra Corporation, Algostim LLC,
Pelvistim LLC and Neuronexus Technologies, Inc. (collectively,
Nuvectra) entered into a First Amendment to its Loan and Security
Agreement (the Amendment) with Oxford Finance LLC and Silicon
Valley Bank (the Lenders). to the Amendment, Nuvectra has
extended the availability of its final two tranches of its credit
facility by six months each and has extended and its
interest-only period for Term Loan A by an additional three
months if Term Loan B is not funded.
Under the revised terms of the Amendment, Term Loan B is now
available for draw June 30, 2017 through December 31, 2017 and
Term Loan C is now available for draw December 31, 2017 through
June 30, 2018.
Under the revised terms of the Amendment, Nuvectra pays monthly
accrued interest only on Term Loan A until January 1, 2018 (or
April 1, 2018 if the Term Loan B Commitment is funded), and
thereafter the Company will pay monthly accrued interest on Term
Loan A plus equal payments of principal for 33 months (or 30
months if the Term Loan B Commitment is funded).In connection
with the Amendment, Nuvectra also paid an amendment fee of
$25,000 plus expenses of the Lenders.
The foregoing description is not complete and is qualified in its
entirety by reference to the full text of the Amendment, which is
filed as Exhibit 10.1 to this Current Report and incorporated by
reference into this Item 1.01.
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Item9.01 |
Financial Statements and Exhibits. |
(d)Exhibits.
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10.1 |
First Amendment to Loan and Security Agreement, dated |
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99.1 |
Press Release, dated February 14, 2017. |
About Nuvectra Corporation (NASDAQ:NVTR)
Nuvectra Corporation is a neurostimulation company that focuses on helping physicians to improve the lives of people with chronic neurological conditions. The Company’s Algovita Spinal Cord Stimulation (SCS) System (Algovita) is the Company’s commercial offering and is Conformite Europeene (CE) marked and the United States Food and Drug Administration (FDA) approved for the treatment of chronic pain of the trunk and/or limbs. Its technology platform also has capabilities under development to support other neurological indications, such as sacral nerve stimulation (SNS) and deep brain stimulation (DBS). In addition, its NeuroNexus Technologies, Inc. (NeuroNexus) subsidiary designs, manufactures and markets neural-interface technologies for the neuroscience clinical research market. Its Virtis is an application of the Company’s neurostimulation technology platform and its first product for the SNS market. Its subsidiaries include Algostim, LLC (Algostim) and PelviStim LLC (PelviStim). Nuvectra Corporation (NASDAQ:NVTR) Recent Trading Information
Nuvectra Corporation (NASDAQ:NVTR) closed its last trading session up +0.01 at 7.40 with 44,954 shares trading hands.