Asensus Surgical signs $20 million bridge loan with Karl Storz pre-acquisition

Chicago, April 3 – Asensus Surgical, Inc. received a bridge loan from Karl Storz SE & Co., KG in connection with an acquisition offer, according to an 8-K filing with the Securities and Exchange Commission.

Karl Storz has offered to buy the company. The offer is non-binding and the buyer has a an exclusivity period of 10 weeks during which Asensus will not engage in negotiations for alternative transactions.

Asensus signed a fully secured promissory note for up to $20 million from Karl Storz to support the company’s operations during the exclusivity period and then through the process of acquisition if the transaction takes place.

The bridge loan provides $10 million of liquidity during the exclusivity period.

If a merger agreement is executed, a further $10 million will be released to fund operations while the company gets stockholder approval.

Interest is at SOFR plus 1,000 basis points.

The maturity date is linked to an acquisition transaction, but Oct. 30, 2024 is listed as the final date.

Prepayment will be at 105, if elected.

The company has engaged Jefferies LLC as its exclusive financial adviser.

Asensus is a surgery technology company based in Durham, N.C.

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