This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Cytori Enters $27 Million Term Loan With Oxford Finance Corporation And Silicon Valley Bank

Third bullet point in release should read: The interest-only payment period may be extended by six months through January 2015 (sted The interest-only payment period may be extended by six months to January 2014)

The corrected release reads:

CYTORI ENTERS $27 MILLION TERM LOAN WITH OXFORD FINANCE CORPORATION AND SILICON VALLEY BANK

Cytori Therapeutics (NASDAQ: CYTX) entered into a four year, $27 million term loan with Oxford Finance Corporation and Silicon Valley Bank. The loan provides for an interest-only payment period of at least 12-months with the potential to be extended up to 18-months. Proceeds were used to prepay Cytori’s existing loan with GE Capital, Oxford Finance Corporation, and Silicon Valley Bank. The loan was funded in full on June 28, 2013 and matures July 1, 2017.

Select terms of the loan include the following:

  • Fixed interest rate of 9.75% compared with 9.87% for the prior loan
  • Interest-only payments for 12-months followed by 36 equal monthly principal and interest payments
  • The interest-only payment period may be extended by six months through January 2015 should Cytori achieve $27 million in 12-month trailing revenues for the period ending June 30, 2014
  • Cytori will issue warrants to Oxford Finance Corporation and Silicon Valley Bank for the right to purchase an aggregate of 596,553 shares of the Company’s common stock at an exercise price per share of $2.26 for seven years

“We worked closely with our lenders and were able to tailor a new loan that meets our specific needs,” said Mark E. Saad, Chief Financial Officer, Cytori Therapeutics. “The loan provides an additional $8 million to help fund our ongoing operations, including clinical trial activities and reduces our near-term cash obligations by approximately $8 million to coincide with anticipated second half revenue growth.”

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.12 -200.19 -1.11%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs