Shoulder Innovations entered into a new Loan and Security Agreement with Stifel Bank, adding a $15.0 million senior secured term loan and a $30.0 million asset-based revolving facility (expandable by $5.0 million). The term loan was funded at closing to refinance prior debt, and the revolver remains available for working capital and general corporate purposes. Concurrently, the company paid $15.7 million to retire and terminate its 2023 loan agreement with Trinity Capital, with all liens released. Management expects the refinancing to strengthen liquidity and provide greater financial flexibility.
New agreement details:
- Agreement type: Senior secured term loan and asset-based revolving credit facility
- Counterparty: Stifel Bank
- Signed / Effective: Jun 26 2026 / Jun 26 2026
- Duration / Termination: Term loan to Jun 01 2031; revolver to Jun 26 2029
- Reason: Refinance debt and enhance liquidity
Terminated agreement details:
- Agreement terminated: Loan and Security Agreement
- Counterparty: Trinity Capital
- Original agreement date: Aug 07 2023
- Termination date: Jun 26 2026
- Termination type: Early
- Exit fees / payments: $15.7 million payoff
- Reason: Refinanced with new Stifel facilities
Original SEC Filing:
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