iRhythm Technologies Secures $100M Credit Facility
Ticker: IRTC · Form: 8-K · Filed: Mar 8, 2024 · CIK: 1388658
Sentiment: neutral
Topics: debt, credit-facility, financing
TL;DR
iRhythm just got a $100M credit boost, total facility now $200M. Good for cash flow.
AI Summary
On March 4, 2024, iRhythm Technologies, Inc. entered into a Material Definitive Agreement, specifically a Second Amendment to its Credit Agreement, which created a direct financial obligation. This amendment involves a new $100 million revolving credit facility, increasing the total credit facility to $200 million. The company also reported on unregistered sales of equity securities.
Why It Matters
This expansion of iRhythm's credit facility provides increased financial flexibility and liquidity, which can support ongoing operations and strategic initiatives.
Risk Assessment
Risk Level: low — The filing primarily concerns a credit agreement amendment and does not indicate significant operational or financial distress.
Key Numbers
- $100M — New Revolving Credit Facility (Increases total credit facility to support operations.)
- $200M — Total Credit Facility (Provides enhanced financial flexibility.)
Key Players & Entities
- iRhythm Technologies, Inc. (company) — Registrant
- $100 million (dollar_amount) — New revolving credit facility amount
- $200 million (dollar_amount) — Total credit facility amount
- March 4, 2024 (date) — Date of earliest event reported
FAQ
What is the purpose of the Second Amendment to the Credit Agreement?
The Second Amendment establishes a new $100 million revolving credit facility, increasing the total credit facility to $200 million.
When was the earliest event reported in this filing?
The earliest event reported was on March 4, 2024.
What is the total value of iRhythm's credit facility after the amendment?
The total credit facility is now $200 million.
What type of financial obligation is created by this amendment?
The amendment creates a direct financial obligation for iRhythm Technologies, Inc.
Besides the credit agreement, what other financial event is mentioned?
The filing also mentions unregistered sales of equity securities.
Filing Stats: 3,028 words · 12 min read · ~10 pages · Grade level 12.7 · Accepted 2024-03-08 16:45:03
Key Financial Figures
- $0.001 — ich registered Common Stock, Par Value $0.001 Per Share IRTC The NASDAQ Global Se
- $661.25 million — pleted its previously announced sale of $661.25 million in aggregate principal amount of its 1.
- $86.25 million — option to purchase up to an additional $86.25 million in aggregate principal amount of Notes,
- $643.6 m — eds from the offering are approximately $643.6 million, after deducting the Initial Purc
- $72.4 million — Company. The Company used approximately $72.4 million of the net proceeds to pay the cost of
- $80.2 million — ddition, the Company used approximately $80.2 million of the net proceeds from the offering f
- $25.0 million — ty. The Company also used approximately $25.0 million of the net proceeds from the offering t
- $109.05 — ith the offering at a purchase price of $109.05 per share in privately negotiated trans
- $25.0 m — tstanding principal amount in excess of $25.0 million, which indebtedness is not discha
- $1,000 — te is 6.7927 shares of Common Stock per $1,000 principal amount of the Notes, which is
- $147.22 — itial conversion price of approximately $147.22 per share of Common Stock subject to ad
- $218 — and/or offset subject to a cap equal to $218.10, which represents a premium of 100.0
Filing Documents
- d750230d8k.htm (8-K) — 53KB
- d750230dex41.htm (EX-4.1) — 544KB
- d750230dex991.htm (EX-99.1) — 233KB
- d750230dex992.htm (EX-99.2) — 14KB
- g750230g0308020007164.jpg (GRAPHIC) — 2KB
- g750230g0308020007407.jpg (GRAPHIC) — 3KB
- g750230g0308020007542.jpg (GRAPHIC) — 2KB
- g750230g0308020007673.jpg (GRAPHIC) — 3KB
- g750230g0308020007787.jpg (GRAPHIC) — 3KB
- g750230g0308020007902.jpg (GRAPHIC) — 3KB
- 0001193125-24-063728.txt ( ) — 1161KB
- irtc-20240304.xsd (EX-101.SCH) — 3KB
- irtc-20240304_lab.xml (EX-101.LAB) — 18KB
- irtc-20240304_pre.xml (EX-101.PRE) — 11KB
- d750230d8k_htm.xml (XML) — 4KB
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 4.1 Indenture dated March 7, 2024 between iRhythm Technologies, Inc. and U.S. Bank Trust Company, National Association, as trustee (including the form of 1.50% Convertible Senior Notes due 2029). 99.1 Form of Capped Call Transaction Confirmation. 99.2 Press release dated March 8, 2024 announcing the closing of the offering of the Notes. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IRHYTHM TECHNOLOGIES, INC. Date: March 8, 2024 By: /s/ Brice A. Bobzien Brice A. Bobzien Chief Financial Officer