LumiraDx enters into ninth amendment, waiver for BioPharma loan

Chicago, July 21 – LumiraDx Investment Ltd. again amended its loan agreement from March 23, 2021 with BioPharma Credit plc as collateral agent, according to an update.

The ninth amendment and waiver details covenant changes and the addition of a new term loan.

The new $31 million additional term loan will have interest at SOFR plus 800 basis points.

Amortization will be quarterly starting in September.

All amounts outstanding under the loan agreement, including the new term loans, will be due March 29, 2024.

In terms of covenants, the company and its subsidiaries during the waiver period to Sept. 1 must have a minimum consolidated liquidity of $5 million.

The minimum net sales for the trailing 12-month period through June 30 will be tested on Sept. 1.

In exchange for the amendments, the company is permitting the lenders to designate two individuals to serve on the company’s board of directors as observers. Once the loan is repaid, the appointments will immediately terminate.

Moreover, the company has agreed to engage advisers to conduct a strategic review of the business and advise on available options.

BioPharma Credit Investments V (Master) LP and BPCR LP are the lenders.

The medical technology manufacturer is based on Waltham, Mass.

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