Kestra Medical Technologies (KMTS) signed a five-year, up to $200 million senior secured term loan facility on July 10, 2026, with funds managed by Pharmakon Advisors. The first tranche of $75 million funded the same day, netting about $20 million after fees and paying off an existing loan, with the rest going toward general corporate and working capital. The loan carries interest at SOFR plus 5.50% and offers 48 months of interest-only payments. It’s structured in four tranches, some of which require hitting a $150 million revenue milestone or lender approval to draw. The company also pledged substantially all its assets as collateral and must maintain at least $20 million in liquidity at all times.
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