ESTA · Establishment Labs Holdings Inc.

Establishment Labs Holdings Inc. refinanced its existing debt through an Amended Credit Agreement dated April 30, 2026, securing up to $300 million in term loans from Oaktree-led lenders. The immediate $265 million Tranche E fully repays the prior 2022 facility, with an additional $35 million Tranche F available upon agreement, extending maturity to 2031. This provides significant liquidity relief and flexibility for working capital needs. The 8.75% interest rate includes PIK options in the first year to preserve cash, though with cash step-up penalties, and potential step-down to 7.50% upon achieving leverage below 4.0x. Prepayment terms protect lenders with a 1% exit fee and escalating yield protection premiums through year three, signaling commitment to the full term. Key covenants enforce $30 million minimum liquidity and trailing 12-month gross sales thresholds, with an equity cure option offering some flexibility. Subsidiary guarantees and standard restrictions on debt, M&A, and liens safeguard lender interests. For investors, this deal replaces prior obligations with more favorable long-term terms, supporting operational stability amid growth pursuits, though ongoing covenant compliance will be critical.