Central Bank will increase Assure’s current line of credit from $2.5 million to $4.5 million and Assure will concurrently repay the existing approximately $2 million term loan.

“We are pleased with the new proposed terms of the credit facility, which accomplish several important objectives, including facilitating our expansion as we further enhance our liquidity position with a more flexible balance sheet,” John A. Farlinger, CEO and executive chairman of Assure, said. “These funds along with our recently closed private placement will be deployed to accelerate organic growth; support new initiatives, including our emerging telemedicine offering for IONM; and finance targeted acquisitions.

“We appreciated Central Bank’s flexibility with regards to our recent early final payment associated with the previously announced acquisition of Neuro-Pro Monitoring that resulted in a reduced cost to Assure. Central Bank has been a valuable partner for Assure and we are pleased to expand our relationship.”

The operating line will continue to bear interest at a rate of the Wall Street Journal prime rate plus 2%, will mature on June 30, 2022, and is repayable, together with interest, on the first calendar day of each month until maturity. The operating line is secured by a first-ranking security interest in all of the present and future undertakings, property and assets of the company and its subsidiaries.

Assure is a provider of intraoperative neuromonitoring.