Represented Endologix, Inc. (NASDAQ: ELGX) in its $170 million credit facility with Deerfield Management, a leading healthcare investment organization. Under the facility, Deerfield provided Endologix with up to $170 million in funding through a $120 million six-year secured term loan and a $50 million three-year secured asset-based revolving line of credit. Endologix used approximately $67.1 million of the net proceeds from the term loan to repurchase $68 million aggregate principal amount of outstanding 2.25% Convertible Senior Notes due 2018, plus the accrued but unpaid interest thereon, from the holders thereof in privately negotiated transactions. At the closing of the term loan, Endologix issued Deerfield warrants to purchase up to 6.47 million shares of its common stock.
Endologix develops and manufactures minimally invasive treatments for aortic disorders, with a focus on endovascular stent grafts for the treatment of abdominal aortic aneurysms. Read the press release.
The Newport Beach/Santa Monica-based team representing Endologix included Dayan Rosen and Bjorn Lundberg of the Santa Monica office on credit facility matters, and Peter Hong of the Newport Beach office on securities and general corporate matters. Shahrooz Shahnavaz advised on tax matters.