Tissue Regenix Group and lender MidCap Financial Trust have agreed to rejig the terms of a loan deal.

The former will immediately repay US$$5.5mln of a term loan, while the latter is to defer certain fees due. The balance of the term loan - US$2mln, known as tranche-one - will remain in place.

The repaid US$5.5mln will be added to tranche-two, which now totals US$10.5mln.

Tranche-two and a U$2.5mln third tranche can be drawn down at MidCap’s discretion and “satisfactory recapitalisation of the company at that time”.  

Tissue Regenix will continue to have access to a revolving credit facility.

Chairman John Samuel said: "I am very pleased that Midcap have shown their support for the company by entering this revised agreement. There is still much to do to bring on stream new capacity but with strong demand for our products and the hard work and dedication of our employees we will continue to review our funding options." 

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