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Irish Dx Firm Trinity Biotech Enters Increased Term Loan Facility

NEW YORK – Irish diagnostic company Trinity Biotech announced on Wednesday that it has entered into an increased loan facility to fund ongoing operations and potential acquisitions. 

Under the amended and restated senior secured term loan credit facility with investment manager Perceptive Advisors, there will be an immediate $5.0 million increase to the outstanding term loan. The amendment also provides for a $20.0 million facility to fund potential acquisitions, the company said in a statement. The term loan credit facility was originally closed in January 2022.

The firm also agreed to re-price the 2.5 million warrants originally issued to Perceptive under the term loan from $1.30 per American Depositary Share to $1.071. 

The term loan matures in January 2026, and the entire unpaid balance will be payable once it matures. It can be repaid in part or in full at a premium before the end of the term, Trinity Biotech said. 

"This market is presenting us with a strong pipeline of attractive M&A opportunities that we believe also present optimal refinancing opportunities," Trinity CEO Aris Kekedjian said in a statement. "This facility allows us to move quickly and with purpose as we transform Trinity Biotech into a high growth innovator in diabetes care and decentralized diagnostic solutions."