Provides Additional Borrowing Capacity of Up to 10 million Euros
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.
