Paris, February 8, 2017
Mauna Kea Technologies (Euronext: MKEA, OTCQX: MKEAY) inventor of Cellvizio®, the multidisciplinary confocal laser endomicroscopy platform, today announced that it has secured a non- dilutive, €7.0 million senior debt financing with IPF Partners, a leading provider of alternative financing solutions for emerging, commercial-stage European healthcare companies.
The debt financing is comprised of two tranches of bonds, with the first tranche of €4.0 million issued today, and the second tranche for the remaining €3.0 million available in the next 12 months, subject to preset closing conditions.
Benoit Jacheet, Chief Financial Officer of Mauna Kea Technologies, said, “We are pleased to complete this debt financing with IPF Partners, which provides the Company with additional capital to support our planned investments in Mauna Kea’s global commercialization capacity, including upgrading our U.S. sales and marketing team and supporting our strategic partnership with Cook Medical.”
This financing consists of 7,000,000 secured bonds with a total value of €7.0 million. The interest on the bonds will bear interest at an annual rate equal to the 3-month EURIBOR +8.5%. The first tranche of bonds has a 5-year maturity, with interest-only payments for the first 18 months, and the second tranche of bonds has a 4-year maturity, with interest-only payments for 12 months. The terms of the bonds contain certain financial covenants.