Mainstay Medical International, a Dublin, Ireland-based medical device company, with subsidiaries in the U.S. and Australia, announced a debt facility for up to $15 million.

The secured debt facility is non-dilutive to existing shareholders, and is being provided by IPF Partners, a financing provider focused on the European healthcare sector.

“We are pleased to have secured this $15 million debt facility. These funds strengthen our financial position, and allow us to continue building momentum towards commercialization of ReActiv8,” said Peter Crosby, CEO of Mainstay.

The facility can be drawn in three tranches, with an initial tranche of $4.5 million available immediately. The second and third tranches can be drawn following the achievement of milestones related to progress through the CE Mark process for ReActiv8.

Each tranche has a repayment term of 60 months from drawdown, with interest only payments for the first 12 months. The interest rate is three-month Euribor plus a margin ranging from 10.5% to 12.5%.