Silk Road Medical extends its cash trail by securing up to

SUNNYVALE, Calif., May 31, 2022 (GLOBE NEWSWIRE) — Silk Road Medical, Inc. (Company) (Nasdaq: SILK), a company focused on reducing the risk of stroke and its devastating impact, today announced that it has entered into a new five-year loan agreement with Oxford Finance LLC (Oxford) comprising up to $200 million in term loan and up to $50 million in revolving credit. The transaction brings the Company’s total cash, cash equivalents and access to liquidity to approximately $340 million.

“We are extremely pleased to strengthen our capital position with this financing, significantly improving our investment track for growth,” said Lucas Buchanan, CFO and COO of Silk Road Medical. “This agreement provides additional financial flexibility at very favorable cost and terms in the current environment, including a capped interest rate until maturity. We look forward to leveraging this facility to strengthen our organization as we continue to drive adoption of TCAR and advance the less invasive standard of care in stroke prevention.

The Company’s new term loan facility features a five-year maturity date, with four years of interest-only payments and a current coupon of 5.85%, reflecting a base rate of 5.0% plus a 1-month SOFR, subject to a floor of 85 points and a ceiling of 250 basis points. The Company has the option to extend the interest only period and the maturity date for an additional year. The $50 million revolving line of credit also has a five-year term with a base rate of 3.0% plus a 1-month SOFR, subject to a floor of 85 basis points and a cap. of 250 basis points, which will be extended in conjunction with any extension of the term loan maturity date and is subject to the completion of a collateral audit by Oxford before it can be used.

At closing, the Company drew $75 million in funding from the new term loan facility and used $49.2 million of the proceeds to repay its existing credit facility with Stifel Bank. A second tranche of up to $75 million, which may be drawn down in partial tranches, is available through December 31, 2024, solely at the Company’s discretion and not contingent upon financial, commercial or other milestones. A third tranche of up to $50 million is also available through December 31, 2024, subject to the generation of certain rolling income relative to the funded term loan amount.

Armentum Partners acted as financial advisor to Silk Road Medical in connection with the transaction. Additional details regarding the foregoing financing are set forth in the company’s current report on Form 8-K, filed today with the SEC.

About Silk Road Medical
Silk Road Medical, Inc. (NASDAQ: SILK), is a Sunnyvale, CA and Plymouth, MN-based medical device company focused on reducing the risk of stroke and its devastating impact. The Company has developed a new approach for the treatment of carotid artery disease called transcarotid artery revascularization (TCAR). TCAR is a clinically proven procedure combining the surgical principles of neuroprotection with minimally invasive endovascular techniques to treat carotid artery blockages at risk of causing stroke. For more information on how Silk Road Medical delivers better patient outcomes through more informed clinical thinking, visit and connect on Twitter, LinkedIn and Facebook.

Forward-looking statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the availability of the term loan and revolving letter of credit. These statements are based on current assumptions that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties, many of which are beyond our control, include the risks described in the section titled Risk Factors and elsewhere in our filing with the Securities and Exchange Commission in Silk Road’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Exchange Commission on May 10, 2022. These forward-looking statements speak only as of the date hereof and should not be relied upon unduly. Silk Road Medical disclaims any obligation to update these forward-looking statements.

Investor contacts:
Lynn Lewis or Marissa Bych
Gilmartin Group
[email protected]

Michael Fanucchi
Medical Silk Road
[email protected]

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