SVB, Oxford Extend Nuvectra Facility Timeline
Nuvectra, a neurostimulation medical device company, reached an agreement with the lenders of its $45 million credit facility, Silicon Valley Bank and Oxford Finance, to extend the availability of the final two tranches of the facility.
On March 18, 2016, the company entered into a loan agreement with Silicon Valley Bank and Oxford Finance consisting of a $40 million term loan credit facility, from which $15 million was funded at the closing of the agreement, and a $5 million revolving line commitment.
The six-month extension on each of its Term B and Term C commitments allows the company to draw down the second tranche worth $12.5 million by December 31, 2017, and the third and final tranche also worth $12.5 million by June 30, 2018.
Walter Berger, Nuvectra COO and CFO, said, “We are very pleased to announce this six-month extension, which increases our flexibility to access additional capital in line with our needs as we grow our commercial footprint. We thank our partners at Silicon Valley Bank and Oxford Finance for their continued support, and look forward to continuing to execute our long term growth strategies.”