MidCap Financial Ups Alphatec Spine Facility
Alphatec Holdings, the parent company of Alphatec Spine, announced that it amended its existing credit facility with MidCap Financial. The revised credit facility increases Alphatec Spine’s current financing capability by providing access to up to an aggregate maximum amount of $73 million. The revised facility consists of a $40 million revolving line of credit supported by a $33 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.”
Alphatec Spine 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.