Trinity Biotech Enters Into $81M Loan Facility To Refinance Existing Debt

Trinity Biotech Enters Into $81M Loan Facility To Refinance Existing Debt

Trinity Biotech plc TRIB has entered into an $81.25 million loan facility to refinance the existing $99.9 million of exchangeable senior notes.

  • The Company entered into an $81.25 million senior secured term loan credit facility with Perceptive Advisors.
  • Under the exchange agreement, each holder has agreed to exchange their Notes at a discount to par and receive $0.87 of cash and $0.08 of Trinity's ADS. 
  • Completing these pending transactions will improve the Company's capital structure by reducing gross debt by approximately $19 million. The Company has no material debt maturities in the next four years.
  • Trinity reported Q3 sales of $22 million, down 31% Y/Y, beating the consensus of $26 million.
  • Point-of-Care revenues almost doubled to $4.1 million attributable to higher HIV revenues from Africa-related sales.
  • Clinical Laboratory revenues decreased 40% to $17.9 million, mainly due to lower revenues within the COVID-19 related portfolio of products.
  • Gross margin contracted from 52.4% to 40.4%. Operating profit reached $2.8 million.
  • Price Action: TRIB shares are up 2.38% at $1.72 during the premarket session on the last check Thursday.

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