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Note 4 - Senior Credit Facility

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

4

— Senior Credit Facility

On

July 20, 2018,

the Company, together with its consolidated subsidiary, MDCP, LLC (collectively, the “Borrowers”), entered into a

$30,000

secured credit facility with MidCap Financial, a Delaware statutory trust, as administrative agent and lender (“MidCap”), pursuant to the terms and conditions of that certain Amended and Restated Credit and Security Agreement, dated as of

July 20, 2018 (

the “Amended and Restated Senior Credit Facility”), among the Borrowers, MidCap, and the lenders party thereto from time to time. The Amended and Restated Senior Credit Facility refinanced and replaced the Senior Credit Facility dated as of

September 23, 2016

among the Borrowers, MidCap and the lenders party thereto from time to time (the “Prior Credit Facility”). The Amended and Restated Senior Credit Facility was fully funded at closing and bears a variable interest rate of LIBOR (which shall

not

be less than

0.5%

) plus

8%.

The Amended and Restated Senior Credit Facility included an interest-only payment period through

July 2019

and scheduled monthly principal and interest payments for the subsequent

30

months. The Company used a portion of the proceeds of the Amended and Restated Senior Credit Facility to pay off outstanding amounts under the Prior Credit Facility and for general corporate purposes. On

February 6, 2019,

the Borrowers, MidCap, and the lenders entered into a

$100,000

secured credit facility pursuant to that certain Second Amended and Restated Credit and Security Agreement. See Note

13—Subsequent

Event.

As of

December 31, 2018,

the Company had borrowings of

$30,000

under the Amended and Restated Senior Credit Facility bearing an interest rate of

10.3%.

The carrying amount of the debt approximates its fair value based on prevailing interest rates as of the balance sheet date. The remaining scheduled principal repayments of the Amended and Restated Senior Credit Facility are as follows:

Principal Payments
2019		$	5,000
2020			12,000
2021			12,000
2022			1,000
Total		$	30,000

The debt agreement contains

two

provisions that if deemed probable would create the recognition of an embedded feature; however, we do

not

believe either provision is probable.

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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X

- References

No definition available.

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