Radiation oncology firm Accuray has closed on a $52 million loan with MidCap Financial Trust.
The company used the net proceeds from the senior secured revolving loan facility and cash on hand to pay off all debt held by Cerberus Business Finance. Accuray estimated the deal will reduce its annual interest costs by approximately $2 million starting in fiscal 2018.
In addition, Accuray said it can draw upon a further $33 million of additional revolving facility, subject to the terms of the agreement.
