September 29, 2016 11:10 AM ET

Healthcare Equipment and Supplies

Company Overview of SynCardia Systems, Inc.

Company Overview

SynCardia Systems, Inc., a medical technology company, focuses on developing, manufacturing, and commercializing the SynCardia temporary Total Artificial Heart (TAH-t) in the United States, European Union, and Canada. Its SynCardia TAH-t is an implantable system designed to assume the full function of a failed human heart in patients suffering from advanced heart failure. The company was founded in 2001 and is headquartered in Tucson, Arizona.

1992 East Silverlake Road

Tucson, AZ 85713

United States

Founded in 2001

116 Employees

Phone:

520-545-1234

Fax:

520-903-1783

Key Executives for SynCardia Systems, Inc.

Chief Executive Officer, President and Director
Age: 61
Co-Founder and Director
Age: 73
Co-Founder, Chief Scientific & Medical Officer and Chairman of Science Advisory Board
Age: 60
Senior Vice President of Regulatory Affairs and Quality
Age: 69
Vice President of Communications
Compensation as of Fiscal Year 2016.

SynCardia Systems, Inc. Key Developments

Motion for Asset Sale Approved for SynCardia Systems, Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of SynCardia Systems, Inc. on September 16, 2016. The debtor has been authorized to sell substantially all its assets to Sindex SSI Lending, LLC, the stalking horse bidder for a purchase price of for a purchase price of $0.40 million in cash and a partial credit bid of $19 million plus amounts owing under the debtor in possession financing facility and the assumption of certain liabilities pursuant to the asset purchase agreement. The debtor did not receive any other competing bids for the purchase of its assets and therefore Sindex SSI Lending, LLC emerged as the winning bidder.

Notice for Selection of Successful Bidder and Cancellation of Auction for SynCardia Systems, Inc.

SynCardia Systems, Inc. filed a notice in the US Bankruptcy Court for selection of successful bidder and cancellation of auction for the sale of substantially all its assets on September 13, 2016. As per the notice filed, the debtor did not receive any qualified bids and hence the auction scheduled for September 14, 2016 has been cancelled and Sindex SSI Lending, LLC, the stalking horse bidder, has been selected as the successful bidder.

Final DIP Financing Approved for SynCardia Systems, Inc.

The US Bankruptcy Court gave an order to XYZ, Inc. to obtain DIP financing on a final basis on August 15, 2016. As per the order, the debtor has been authorized to obtain a senior secured, super-priority delayed draw term loan facility of $0.96 million from the lenders party with Sindex SSI Lending, LLC, acting as the administrative agent for itself and other loan party and SWK Funding, LLC, acting as collateral agent. The DIP loan would carry an interest rate of 13.5%, payable monthly in kind, along with an additional 2% p.a. interest in the event of default. As per the terms of the DIP agreement, the loan carries unused facility fee of 0.5% p.a. on the unused amount of the loan, facility fee of 2% of the interim order amount, which shall be fully-earned and added to the outstanding principal amount of the facility upon the entry of the interim order. The DIP loan will also carry an exit fee of 2% of the amount of the facility outstanding on the termination date. The DIP facility would mature either on first business day after September 16, 2016 or on the date of consummation of the sale of substantially all assets of conversion of the case to chapter 7 or occurrence of an event of default, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of all fees required to be paid to the clerk of the Court and to the US Trustee, reasonable fees incurred by a trustee not exceeding $25,000, all professional fees of up to $0.05 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. Michael Fox and Jonathan Deblinger of Olshan Frome Wolosky LLP acted as legal counsel for the loan party.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
July 1, 2016
--
Merger/Acquisition
July 1, 2016
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Merger/Acquisition
July 1, 2016
--
 

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