Establishment Labs Holdings Enters $300M Amended Credit Agreement with Oaktree

On April 30, 2026, Establishment Labs Holdings Inc. entered into an Amended Credit Agreement and Guaranty with Oaktree Fund Administration, LLC as administrative agent, providing for up to $300 million in term loans. The agreement replaces the prior 2022 credit facility and includes two tranches: $265 million Tranche E Term Loan advanced at closing and up to $35 million Tranche F Term Loan available upon mutual consent. The loans mature on April 30, 2031 and carry an 8.75% interest rate, with potential step-downs based on leverage ratios. Approximately $259 million of the initial tranche will repay existing debt under the prior agreement. The credit agreement contains customary covenants including minimum liquidity of $30 million and minimum gross sales requirements, along with restrictions on additional indebtedness, mergers, and liens. The company has certain equity cure rights for covenant compliance.