Stereotaxis Amends Credit Agreement With Silicon Valley Bank
Stereotaxis, Inc. announced it has completed its previously announced private offering of common stock and private offering of unsecured, subordinated, convertible promissory debentures for gross proceeds of $18.5 million.
Stereotaxis plans to use a portion of the net proceeds from the common stock offering to repay $7 million of the revolving Silicon Valley Bank (SVB) credit facility guaranteed by Alafi Capital and Sanderling Venture Partners and the balance of the proceeds of that offering and of the debenture offering for working capital, and for general corporate purposes.
Upon the closing of the financing transactions, the company also announced an amendment to its credit agreement with SVB to extend its revolving credit facility to March 31, 2013. The revolving line of credit was decreased from $20 million to $13 million after pay down of $7 million of the guaranteed portion, but otherwise has similar terms and conditions to previous agreements with SVB.
Stereotaxis is a healthcare technology and innovation provider in the development of robotic cardiology instrument navigation systems designed to enhance the treatment of arrhythmias and coronary disease, as well as information management solutions for the interventional lab.
Previously on abfjournal.com: