Alphatec Spine Announces Restructured and Expanded Credit Facility to $73M
Alphatec Holdings (Nasdaq: ATEC), the parent company of Alphatec Spine, Inc., a medical device company that provides physician-inspired solutions for patients with spinal disorders, announced today that it has amended its existing credit facility with MidCap Financial. The revised credit facility increases Alphatec Spine, Inc.'s current financing capability by providing access to up to an aggregate maximum amount of $73.0 million. The revised facility consists of a $40.0 million revolving line of credit supported by a $33.0 million term loan, which is due July 2016. The amended credit facility will be used to support the Company's general operational purposes and working capital needs.
"We have worked hard to build a strong working relationship with MidCap Financial and appreciate their continued support," said Les Cross, Alphatec Spine's Chairman and Chief Executive Officer. "The revised credit facility provides us with additional flexibility and liquidity. With this facility in place, we should be well positioned to continue to fund our ongoing operational and commercial activities as well as providing additional capacity for future accretive transactions."
"We have enjoyed partnering with Alphatec Spine since the origination of the initial credit facility that we established in June 2012," said Matt Pappano, Vice President-Portfolio Manager at MidCap Financial. "Over the last fifteen months we have been very pleased to see the company's continued growth and positive performance of the business. We're delighted to further assist Alphatec Spine in continuing to deliver their business objectives by now providing the company with additional flexible capital."
Further information regarding the Company's recent strategic debt restructuring transaction with MidCap Financial is set forth in a Current Report on Form 8-K that was filed with the U.S. Securities and Exchange Commission (SEC) on September 6, 2013 and is available on both the SEC's website at www.sec.gov and the Company's website at www.alphatecspine.com.
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary of Alphatec Holdings, Inc., is a medical device company that designs, develops, manufactures and markets physician-inspired products and solutions for the treatment of spinal disorders associated with trauma, congenital deformities, disease and degeneration. The Company's mission is to combine innovative surgical solutions with world-class customer service to improve outcomes and patient quality of life. The Company and its affiliates market products in the U.S. and in over 50 countries internationally via a direct sales force and independent distributors.
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