SVB Provides Urologix Facility Extension
Urologix announced that it secured an extension to June 30, 2014 of its credit facility with Silicon Valley Bank, the commercial banking division of SVB Financial Group. The line of credit allows borrowing of up to the lesser of $2 million or the defined borrowing base consisting of 80% of eligible accounts receivable.
“Urologix is pleased to have the flexibility afforded by the line of credit through the end of our fiscal year,” stated Greg Fluet, Chief Executive Officer. “While we have not had to draw on the line of credit over the last two years, we think it is valuable to keep it in place as we work to transform the company into a more operationally efficient entity that is well positioned to grow.”
The credit facility provides Urologix with access to additional working capital so the company can continue to execute its growth strategy. The facility is secured by the company’s assets, and the company has agreed to comply with certain financial and non-financial covenants, including providing certifications, reports and notices of certain demands.
Minneapolis-based Urologix develops, manufactures, markets and distributes minimally invasive medical products for the treatment of obstruction and symptoms due to Benign Prostatic Hyperplasia (BPH).