Bacterin Secures A/R Credit Facility From MidCap, SVB
Bacterin International Holdings, Inc., a provider in the development of revolutionary bone graft material and antimicrobial coatings for medical applications, has secured an accounts receivable credit facility with MidCap Financial LLC and Silicon Valley Bank. The revolving loan credit facility allows Bacterin to borrow up to $5 million through January 1, 2015. The facility allows borrowings based upon a predetermined formula of up to 80% of Bacterin’s eligible accounts receivable, as defined in the credit and security agreement.
“Due to the high working capital needs of our business associated with the necessity for our inventory to be consigned to our hospital accounts, the accounts receivable facility is an efficient way for Bacterin to access cash, from time to time, without diluting equity,” said Guy Cook, chairman and CEO of Bacterin. “Our strong relationships with Silicon Valley Bank and MidCap Financial helped us to secure this non-dilutive financing option, as we prepare for the next stage of growth at Bacterin International.”
MidCap Financial is a commercial finance company focused on middle-market lending in the broad national healthcare industry.
Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.