Axogen announces new seven-year financing agreement with oberland capital

Axogen announces new seven-year financing agreement with oberland capital and provides preliminary second quarter revenue estimate.sees q2 revenue at least $21 million.axogen - new financing agreement provides up to $75.0 million in three tranches with interest only payments over seven years.preliminary q2 revenue is estimated to be at least $21 million, down 21% versus prior year.pace of recovery continues to vary regionally based on local impact of covid-19.remain measured in co's outlook for remainder of year.believe most currently deferred procedures will be completed by end of summer.covid-19 will continue to negatively impact incidence of trauma and surgical procedure volumes.expect third and q4 revenue will remain below prior-year levels.drew $35.0 million at closing on june 30, 2020 pursuant to financing agreement with oberland capital.financing facility allows for second tranche of $15.0 million.facility also allows a third tranche of $25.0 million.new debt facility requires quarterly interest payments for seven years.interest of debt facility is calculated as 7.5% plus greater of libor or 2.0%.interest rate of debt facility at closing is 9.5%.
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