Venture Debt Without Institutional Investors

Capacity is one of the five C’s of credit which refers to a borrower’s ability to repay a loan’s principal and interest. For early-stage companies, the capacity to repay is markedly more uncertain than for larger, more established businesses. The presence of...

Covenants Need Not Be a Four-Letter Word

As underwriting standards loosen during periods when capital markets become increasingly favorable to borrowers, an easing, or outright elimination of financial covenants invariably follows. Regardless of the lending environment, credit agreements will contain...

Case Study: Opiant (Royalty)

Narcan is the only FDA approved, intranasal Naloxone product for the treatment of opioid overdose Narcan is appropriately priced with revenue growth due to a differentiated nasal dosing and expanded distribution, not price hikes Opiant is a publicly traded drug...

Case Study: Orametrix (Structured Credit)

Orametrix was a Dallas-based, digital orthodontic company providing robotically bent and highly-accurate wire arches for braces In late 2016 the company approached SWK in need of funding to expand into the clear aligner market Upon completion of this project,...