EyePoint Pharma Secures $45M Credit Facilities For Debt Refinancing

EyePoint Pharmaceuticals Inc EYPT has secured senior secured credit facilities of $45 million from Silicon Valley Bank to replace its existing credit facility with CRG Servicing LLC.
Under the terms of the new agreement, a $30 million term loan facility and an asset-based revolving credit facility of up to $15 million will replace the existing approximately $40.5 million of obligations under the existing CRG credit facility.
The new facility reduces the loan interest rate from 12.5% to a blended rate of approximately 5%, resulting in an estimated $2.8 million of annualized interest savings.
Related: EyePoint Pharmaceuticals Raises $100M Via Capital Raise At 5% Discount.
As of December 31, 2021, the Company had $211.6 million in cash and investments, including over $230 million in proceeds from two follow-on equity offerings during 2021.
Price Action: EYPT shares traded 1.44% higher at $13.36 on the last check Wednesday.