Evolus, Inc. and Oxford Finance LLC Enters into A Letter Agreement to Repay All Amounts Due and Owing Under the Loan Agreement
January 05, 2021 at 08:30 am EST
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Evolus, Inc. (the Company) and Oxford Finance LLC (Oxford) entered into a letter agreement (the Payoff Letter), pursuant to which (i) on January 4, 2021, the Company paid Oxford $76,447,070.75 (the Payoff Amount) to discharge in full all outstanding obligations, included accrued interest, under that certain Loan and Security Agreement, dated as of March 15, 2019, by and between Oxford, in its capacity as collateral agent and lender, and the Company (as amended, the “Loan Agreement”), and (ii) effective upon such repayment, the Loan Agreement, and all unfunded commitments thereunder, guarantees and other security interests granted to Oxford in connection with the Loan Agreement and all other obligations of and restrictions on the Company under the Loan Agreement, terminated. As a condition to entering into the Payoff Letter, Oxford agreed to waive a total of approximately $4.3 million of fees comprised of (i) approximately $2.8 million of the Final Payment (as defined under the Loan Agreement) and (ii) the prepayment fee of $1.5 million otherwise payable pursuant to the terms of the Loan Agreement. In addition, as a result of entering into the Payoff Letter, the Company is no longer obligated to pay more than $16 million in interest it would have otherwise incurred over the remaining life of the loan (through March 2024).
Evolus, Inc. is a performance beauty company. Its primary market is the cash-pay aesthetic market, which consists of medical products. Its product candidates include Jeuveau and Evolysse. Jeuveau is its commercially available proprietary 900 kilodalton (kDa), purified botulinum toxin type A formulation indicated for the temporary improvement in the appearance of moderate to severe glabellar lines, also known as frown lines, in adults. Jeuveau offers a 900kDa botulinum toxin alternative to BOTOX (onabotulinumtoxinA). Jeuveau is available in the United States, Canada, and European markets. Evolysse is a line of hyaluronic acid dermal fillers which utilizes first-generation cold technology in regulatory development. The line includes a variety of products, including mid face, nasolabial folds, lips and eyes in the United States and Europe. Its product candidates represent two of the product categories within medical aesthetics, injectable neurotoxins, and injectable dermal fillers.