Stereotaxis Renews Silicon Valley Bank Credit Facility
Under an amended credit agreement, Stereotaxis will extend its $3 million asset-based revolving line of credit with Silicon Valley Bank through March 31, 2014. The amended credit agreement eliminates $3 million of available advances guaranteed by Alafi Capital Company and an affiliate of Sanderling Venture Partners, and the guarantees have been terminated.
Furthermore, the prepayment premium on its term note was eliminated from the agreement, allowing the company to repay the outstanding amount under this facility prior to its maturity date of December 2013, without penalty.
The facility renewal follows recently announced transactions involving the exercise of warrants by the company’s convertible subordinated note holders, as well as by certain other equity investors, which yielded Stereotaxis gross proceeds of approximately $11.7 million in additional capital.
Stereotaxis is a developer 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.