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Apollo Endosurgery adjusts covenants under Solar Capital facility
By Sarah Lizee
Olympia, Wash., June 27 – Apollo Endosurgery, Inc. amended its credit agreement with Solar Capital, Ltd. on June 20 to adjust covenant terms, according to an 8-K filing with the Securities and Exchange Commission.
Specifically, the amendment adjusts the trailing six-month endo-bariatric revenue requirements for the periods ending June 30, July 31 and Aug. 31 and increases the minimum liquidity covenant to $12.5 million from $10 million while stipulating that the minimum liquidity covenant will revert back to $10 million if some year-end revenue and cash milestones are achieved.
Apollo Endosurgery is a medical device company focused on less invasive therapies for the treatment of obesity. It is based in Austin, Texas.
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