NEW YORK – Autoimmune disorder diagnostic firm Exagen announced on Monday that it has entered a $27.2 million debt refinancing agreement with its primary lender, Innovatus Life Sciences Lending.
The amended agreement provides a five-year $27.2 million loan at 8 percent interest, with 2 percent paid in kind in the form of additional term loans, San Diego-based Exagen said in a statement. The amended agreement will be effective Nov. 1.
The original $25 million agreement was inked in September 2017, with an amendment in November 2019.
The refinancing amendment decreases the interest rate on all borrowings, extends the interest-only period through December 2024 and the maturity date to November 2026.
It also changes the specified level of quarterly revenue Exagen must achieve to satisfy the requirements of the original loan agreement, according to the Form 8-K Exagen filed with the US Securities and Exchange Commission.