Sanara MedTech (SMTI) has provided an update.
Sanara MedTech Inc. secured a $55 million senior secured term loan with initial borrowing set at $15 million and additional access to funds under specific conditions. The loan, maturing on March 30, 2029, carries an interest rate of 13.25%, payable quarterly, and will be used for various corporate purposes, including repayment of the previous Cadence Term Loan. Prepayment premiums apply under certain conditions, and the company’s assets are collateralized. The agreement also imposes financial covenants and operational restrictions to maintain the company’s fiscal discipline.
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