Centinel Spine, a global medical device company focused exclusively on treating cervical and lumbar spinal disease, entered into a senior secured loan agreement with credit funds managed by SLR Capital Partners, to provide the company with $60 million of capital at close and the ability to draw down up to $10 million in additional capital.
The proceeds from the initial funding of the term loan will be used to retire the company’s existing credit facility, pay related fees and expenses and provide additional working capital.
“We are very pleased with the outcome of this refinancing transaction with SLR,” Varun Gandhi, chief financial officer of Centinel Spine, said. “This upsized facility with favorable terms provides Centinel Spine with greater flexibility to continue to invest in the growth of its business. The company has made meaningful progress with its motion preservation business — with revenues more than doubling from 2022 to 2024, along with seven quarters of adjusted EBITDA positive performance. We are pleased that our partner, SLR, believes in our strategy and ability to execute and is willing to further support our growing enterprise.”
“SLR is excited to leverage our investment expertise in the life science sector by partnering with Centinel Spine to support their development and commercialization efforts in treating cervical and lumbar spine disease with their total disc replacement technology platform,” Anthony Storino, partner and head of Life Science Finance at SLR Capital Partners, said.
“Our Match-the-Disc portfolio for cervical and lumbar motion preservation is clearly resonating with the surgeon community, as evidenced by our strong Q4 and FY 2024 results,” Steve Murray, CEO of Centinel Spine, said. “This refinancing will position the company to continue to drive expanded portfolio differentiation, long-term profitable sales and deliver on our mission to be the leading total disc replacement company in the world.”
