AirSculpt inks $85 million term loan, $5 million revolver with Silicon Valley

Chicago, Nov. 9 – AirSculpt Technologies, Inc. and wholly owned subsidiary EBS Enterprises LLC entered into a new $85 million term loan and a $5 million revolver with Silicon Valley Bank as administrative agent and collateral agent on Nov. 7, according to an 8-K filing with the Securities and Exchange Commission.

The new credit agreement matures on Nov. 7, 2027.

Interest is at SOFR plus 200 basis points to 300 bps, based on AirSculpt’s leverage ratio. There is a 0% floor.

There is an unused facility fee between 25 bps to 35 bps, with an initial 30 bps rate. The fee is also based on leverage.

Any asset sale proceeds will need to be used to prepay the term loan.

Amortization starts March 31, 2023.

Silicon Valley Bank was also the lead arranger.

Proceeds were used, in part, to pay off EBS’ $83.6 million outstanding principal balance on its existing credit facility for October 2018 with First Eagle Alternative Capital Agent, Inc. as administrative agent and collateral agent. The facility had an Oct. 28, 2023 maturity date and there was no prepayment penalty.

Based in Miami Beach, AirSculpt is a national provider of body contouring procedures.

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