Comerica Bank Provides $4MM Facility to OrthoAccel
OrthoAccel Technologies announced that it executed a debt facility for up to $4 million with Comerica Bank. The credit facility provides for up to $4 million in term debt and the issuance to Comerica of a warrant to purchase shares of the company’s Series B Preferred Stock.
“The installation of the company’s first debt facility is an important milestone for OrthoAccel,” said Pamela Westbrook, OrthoAccel’s CFO and vice president of finance and administration. “We anticipate utilizing this facility to support planned sales growth and organizational development.”
Westbrook added that OrthoAccel chose to establish their primary credit relationship with Comerica because of shared financial strategies.
“We are pleased to play such an important role in OrthoAccel’s growth strategy,” said Tim Klitch, Comerica’s Technology & Life Sciences managing director. “The company’s profile and needs align perfectly with Comerica’s Technology & Life Sciences specialty practice.”
Houston-based OrthoAccel Technologies is a privately owned medical device company engaged in the development, manufacturing and distribution of products to enhance dental care and orthodontic treatment.