MIAMI BEACH, Fla., Nov. 09, 2022 (GLOBE NEWSWIRE) -- AirSculpt® Technologies, Inc., (“AirSculpt” or the “Company”) (NASDAQ: AIRS) an industry leader and provider of premium body contouring procedures, today announced that it has entered into a new credit agreement with several new lenders. The new credit agreement consists of (i) an $85.0 million aggregate principal amount of term loans and (ii) a revolving loan facility in an aggregate principal amount of up to $5.0 million. The proceeds were used to pay off the Company’s existing $83.6 million outstanding principal balance under its existing credit facility coming due on October 28, 2023. The new credit agreement will mature in five years on November 7, 2027. The Company expects cash interest savings of approximately $2 million annually and there are no prepayment penalties under the new agreement.
“I am extremely pleased we were able to execute this refinancing with favorable terms in this challenging economic environment. Our new capital structure gives us plenty of flexibility and positions us well to continue to execute on our strategic growth plans,” said Dennis Dean, Chief Financial Officer.
AirSculpt® Technologies (NASDAQ: AIRS) is an experienced, fast-growing national provider of body contouring procedures delivering a premium consumer experience under its brand, Elite Body Sculpture. At Elite Body Sculpture, we provide custom body contouring using our proprietary AirSculpt® method that removes unwanted fat in a minimally invasive procedure, producing dramatic results. It is our mission to generate the best results for our patients.
Chief Financial Officer
Stephanie Evans Greene
Chief Marketing Officer