PhotoMedex Inc., a Horsham, Pa., health products company that sells the no!no! brand of hair removal devices, said it has entered into an amended and restated forbearance agreement with certain lenders and retained an investment banking firm to help the company explore options for refinancing its debt.
In financial documents filed with the Securities & Exchange Commission, PhotoMedex listed liabilities as of June 30 of $128.5 million, which included an $85 million secured loan the company entered into in May to refinance existed debt. The company has struggled to meet the terms of that loan, which consisted of a $10 million revolving credit line and a four-year, $75 million term loan.
During the first half of 2014, PhotoMedex recorded revenues of $102.2 million and a net loss of $7.8 million.
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