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VRAY: CRG LP Provides $15 Million Term Loan Expansion to ViewRay Inc.

By Anita Dushyanth, PhD


On April 13, 2017 ViewRay (VRAY) announced the closing of a $15 million loan expansion to its existing $50 million term loan agreement with CRG LP. Modifications to the CRG loan agreement include addition of the $15 million available through September 30, 2017, availability of the existing $5 million through June 30, 2017 and extension of the interest-only and PIK period until March 31, 2020. Other changes include lowering the combined 2016 and 2017 revenue covenant to $60 million (previously $80 million) and increasing the back-end facility fee between 1.5% to 1.75%. As VRAY embarks on this next phase of growth, CRG LP continues to support their growth initiatives by providing the additional working capital through the non-dilutive financing alternative.

The firm raised close to $48 million in cash in Q1 2017; approximately $26 million from a private placement (closed on January 18, 2017) of 8.6 million shares of common stock and warrants (exercise price of $3.17/share and are exercisable after six months and expire seven years from the date of issuance)...