Artivion, a medical device company focused on cardiac and vascular surgery and aortic disease, closed a non-dilutive, definitive credit agreement with Ares Management Credit for $350 million of senior secured, interest-only credit facilities with six-year maturities.

The credit facilities include an initial $190 million term loan, a $60 million revolving credit facility and an additional $100 million in unfunded delayed-draw term loan commitments that may be drawn to refinance the company’s convertible bonds at any time on or prior to the maturity of the convertible bonds, subject to customary conditions. The initial $190 million term loan and $30 million from the revolving credit facility were drawn at close to retire the company’s existing senior secured credit facilities and pay related fees and expenses. The option to draw the additional $100 million of term loans provides the company with a financing source to efficiently address the maturity date of the convertible bonds at any time at or prior to maturity.

“This agreement represents a comprehensive approach to optimize our capital structure as we prepare to enter a new phase of profitable growth,” Pat Mackin, chairman, president and CEO of Artivion, said. “The conviction we have in our business outlook, which has been strengthened by our recent financial performance and clinical data readouts, has never been greater, and we look forward to further advancing our strategies to deliver significant shareholder value.”