Alphatec Spine Announces Restructured and Expanded Credit Facility
16 Septembre 2013 - 10:05PM
Alphatec Holdings, Inc. (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.
Additional information can be found at
www.alphatecspine.com.
About MidCap Financial, LLC
MidCap Financial is a commercial finance company focused on
middle market lending in the broad national healthcare industry.
MidCap specializes in $5 million to $200 million loans. The company
is headquartered in Bethesda, MD, with offices in Chicago and Los
Angeles, and focuses in four areas:
-Asset-Based working capital loans to healthcare providers
collateralized by third-party accounts receivable and other assets;
-Leveraged loans to healthcare companies backed by private equity
sponsors; -Life Sciences loans to VC-backed and public
pharmaceutical, biotech, and medical device companies; -Real Estate
loans to skilled nursing facilities, senior housing properties, and
medical office buildings
Additional information about MidCap Financial can be found at
www.midcapfinancial.com.
Forward Looking Statements
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks and uncertainty. Such statements are
based on management's current expectations and are subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward looking
statements. Alphatec Spine cautions investors that there can be no
assurance that actual results or business conditions will not
differ materially from those projected or suggested in such
forward-looking statements as a result of various factors. Forward
looking statements include references to Alphatec Spine's 2013
growth, revenue, and adjusted EBITDA projections; the Company's
ability to take advantage of the maximum amount of its new credit
facility, and Alphatec Spine's ability to continue to fund its
ongoing operational and commercial activities and future accretive
transactions. Please refer to the risks detailed from time to time
in Alphatec Spine's SEC reports, including its Annual Report Form
10-K for the year ended December 31, 2012, filed on March 4, 2013
with the Securities and Exchange Commission, as well as other
filings on Form 10-Q and periodic filings on Form 8-K. Alphatec
Spine disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise, unless required by law.
CONTACT: Investor/Media Contact:
Christine Zedelmayer
Investor Relations
Alphatec Spine, Inc.
(760) 494-6610
czedelmayer@alphatecspine.com
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