ViewRay gets up to $100 million term loan, initial $15 million revolver

By Wendy Van Sickle

Columbus, Ohio, Nov. 14 – ViewRay, Inc. entered into a new five-year loan facility agreement with MidCap Financial and Silicon Valley Bank, which consists of a term loan of up to $100 million and a revolving line of credit of $15 million initially, according to a news release.

Of the term loan commitment, $25 million may be accessed by the company upon achieving a gross margin target for the 2023 fiscal year.

At closing, ViewRay drew $75 million, $60 million of which will be used to retire existing debt with Silicon Valley Bank.

The annual interest rate is the Wall Street Journal Prime rate plus 350 basis points with a floor of 9.25%.

Payments will be interest-only for three years, and the company has the option to extend the interest-only period for one additional year.

The revolver comprises a $15 million initial commitment, with an option to increase the line by $10 million, subject to lender approval and borrowing base availability.

Its annual interest rate is the Wall Street Journal Prime rate plus 50 bps with a floor of 6.25%.

The medical device company is based in Denver.

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