SunTrust Leads $100 Million Credit Facility for Exactech
Exactech, Inc., a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced that it has entered into a $100 million credit agreement with a syndicate of banks led by SunTrust Robinson Humphrey that includes BBVA Compass, HSBC, Synovus Bank and Hancock Bank. The facility provides for a $30 million term loan as well as a $70 million revolving credit line.
Exactech chairman and CEO Bill Petty said, “The new credit facility includes favorable interest rates, pricing, covenants and an extended term. All of the company’s long-term debt instruments outstanding as of December 31, 2011, including the company’s prior credit agreement and accordion facility, commercial construction loan and commercial real estate loan, were repaid and terminated using proceeds from the credit agreement.”
Exactech CFO Jody Phillips said, “We are pleased to have significantly expanded and extended our debt facilities. While our previous credit facility did not expire until June 2013, we decided to improve our credit facility now to solidify our financing for the next five years and position the company to take advantage of growth opportunities. The credit agreement expands the company’s credit facility capacity from $55 million to $100 million and extends the maturity from 2013 until February 2017. This five year facility ensures adequate capacity for Exactech to continue its high level of growth.”
Based in Gainesville, FL, Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians.