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SAN DIEGO, April 9, 2014 (GLOBE NEWSWIRE) -- Tandem Diabetes Care®, Inc. (Nasdaq:TNDM) and Capital Royalty Partners II, L.P. and its affiliate funds ("Capital Royalty") today announced that they have amended and restated the term loan facility under which the Company borrowed $30 million in January 2013. This amendment extends the maturity date under the Company's term loan facility from December 31, 2017 to March 31, 2020. Under the terms of the restated agreement, the interest rate was reduced from 14.0 percent to 11.5 percent, and the interest only payment period was extended through March 31, 2018. In addition, the Company has entered into a second loan agreement with Capital Royalty and Parallel Investment Opportunities Partners II L.P. that provides the Company with the option to access up to an additional $30 million on or before March 31, 2015 at the same interest rate and on the same key terms.
"We are committed to seeking cash flow management opportunities that will allow us to direct more funds towards scaling the business and improving operational efficiencies," said Kim Blickenstaff, Tandem's President and Chief Executive Officer. "Capital Royalty is a valued strategic financing partner and we are pleased with their ability to provide flexible solutions to support the needs of our rapidly growing business."
"Tandem is an example of our focus on investing in innovation within healthcare," said Charles Tate, Chairman and Founder of Capital Royalty L.P. "Tandem is building on the success of its first full year of commercialization and Capital Royalty is helping the Company continue this momentum."
About Tandem Diabetes Care, Inc.
Tandem Diabetes Care, Inc. (
www.tandemdiabetes.com ) is a medical device company with an innovative, user-centric and integrated approach to the design, development and commercialization of products for people with insulin-dependent diabetes. The Company manufactures and sells the t:slim® Insulin Pump, the slimmest and smallest durable insulin pump currently on the market, and the first and only insulin pump with a high resolution, color touch screen. Tandem is based in San Diego, California.
About Capital Royalty L.P.
Capital Royalty L.P. is a market pioneer and innovator in healthcare investing focused on intellectual property investments in approved products through structures including royalty bonds, secured debt, revenue interests and traditional royalty monetizations. Capital Royalty works directly with leading healthcare companies, research institutions and inventors to provide customized solutions to meet their unique financing needs. The value of each investment is based on the future revenue of commercialized biopharmaceutical products and medical technologies. Capital Royalty is actively making investments through Capital Royalty Partners II, L.P., which has $805 million of committed capital.
The firm is headquartered in Houston, Texas with offices in Boulder, Colorado and New York City. For additional information, please visit
t:slim and Tandem Diabetes Care are registered trademarks of Tandem Diabetes Care, Inc.