Capital/Financing Update • Nov 19, 2018
Capital/Financing Update
Open in ViewerOpens in native device viewer
Paris and Boston, November 19, 2018 – 5:45 pm CET – Mauna Kea Technologies (Euronext: MKEA) inventor of Cellvizio®, the multidisciplinary probe-based and needle-based confocal laser endomicroscopy (pCLE/nCLE) platform, today announced an amendment to the existing Debt Subscription Agreement with IPF Partners, a leading provider of alternative financing solutions. The amendment provides up to €10 million of additional borrowing capacity, in two tranches of €5 million each.
On February 8, 2017, Mauna Kea Technologies announced the Debt Subscription Agreement with IPF Partners for an aggregate of €7,0 million, comprised of two tranches. The first tranche of €4,0 million was exercised in February 2017. The second tranche of €3,0 million was not exercised.
The Debt Subscription Agreement has now been amended to include two additional tranches of bonds, with a first tranche of €5.0 million, available in the next 5 months and another tranche of €5,0 million available until September 2019, both tranches being subject to preset closing conditions. The bonds bear interest at an annual rate equal to the 3-month EURIBOR +8.0%. The first tranche of bonds has a 5-year maturity, with interest-only payments for the first 15 months, and the second tranche of bonds has a 4-year maturity, with interest-only payments for 12 months. The issuance of the bonds is subject to certain financial covenants conditions included in the terms and conditions of the contract.
Mauna Kea Technologies is a global medical device company focused on eliminating uncertainties related to the diagnosis and treatment of cancer and other diseases thanks to real-time in vivo microscopic visualization. The Company's flagship product, Cellvizio, has received clearance to sell a wide range of applications in more than 40 countries, including the United States, Europe, Japan, China, South Korea, Canada, Brazil and Mexico. For more information on Mauna Kea Technologies, visit www.maunakeatech.com
IPF Partners is an investment platform founded by a team of 4 fund managers and healthcare sector leaders. The IPF I fund, which was launched in October 2013, provides bespoke debt and other financing solutions - with little to no dilution - to finance growth and acquisitions of healthcare companies that have reached commercial stage. IPF I has already committed c. 83 million euros to European medical technology and software companies. www.ipfpartners.com
| Contacts | ||
|---|---|---|
| United States | U.S. Media | France and Europe |
| Lee Roth / Emma Poalillo | Kirsten Thomas | NewCap - Investor Relations |
| The Ruth Group | The Ruth Group | Tristan Roquet Montégon |
| 646-536-7012 / 7024 | 508-280-6592 | +33 (0)1 44 71 94 94 |
| [email protected] / [email protected] | [email protected] | [email protected] |
This press release contains forward-looking statements concerning Mauna Kea Technologies and its activities. Such forward-looking statements are based on assumptions that Mauna Kea Technologies considers to be reasonable. However, there can be no assurance that the anticipated events contained in such forward-looking statements will occur statements are subject to numerous risks and uncertainties including the risks set forth in the registration document of Mauna Kea Technologies registered by the French Financial
Markets Authority (Autorité des marchés financiers (AMF)) on April 27, 2018 under number R.18-0429 and available on the Company's website (www.maunakeatech.com), and to the development of economic situation, financial markets, and the markets in which Mauna Kea Technologies operates. The forward-looking statements contained in this release are also subject to risks unknown to Mauna Kea Technologies or that Mauna Kea Technologies does not consider material at this time. The realization of all or part of these risks could lead to actual results, financial conditions, performances or achievements by Mauna Kea Technologies that differ significantly from the results, financial conditions, performances or achievements expressed in such forward-looking statements. This press release and the information it contains do not constitute an offer to sell or to subscribe for, or a solicitation of an order to purchase or subscribe for, Mauna Kea Technologies shares in any country.
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.