California-based Hansen Medical (NSDQ:HNSN) announced a new $33 million long-term debt agreement, which the company plans to use to refinance its current $30 million debt facility.
The deal with provide Hansen with "liquidity enhancement," and will aid in commercial efforts and general company operations, according to a company statement.
"We are pleased to have secured this long-term, interest-only facility providing us with a significant liquidity enhancement over the next 30 months," CFO Peter Mariani said in prepared remarks. "This new agreement will also provide the company with a foundation of long-term capital as we continue to commercialize our Magellan Robotic System, drive further adoption of our Sensei X Robotic System, and strengthen operations across the company."
The new debt, secured through White Oak Global Advisors, requires interest-only payments through December 2017, at which time the company must also pay off the principal balance, according to a press release. The new deal replaces a credit facility that would have required that the company begin making principal payments next month.
Hansen Medical has been on a roller coaster of sorts lately, sinking after missing its Q1 financial expectations and then gaining upon winning FDA approval to scale down its atrial fibrillation clinical trial.
HNSN shares were up 3% today, trading at $1.39 as of about 12:15 p.m.