In connection with the U.S. launch of Stellarex, which was acquired in November 2014, Spectranetics announced it established a new $110 million credit facility with a group of lenders led by MidCap Financial serving as administrative agent and lender. The facility replaces the company’s previous credit facility with Wells Fargo Bank.

The facility, consisting of a $60 million term loan and $50 million revolving line of credit, is structured to provide sufficient liquidity through the U.S. launch of the Stellarex drug-coated balloon and beyond.

The 60-month term loan is interest-only for the first 24 months with an option to extend an additional 12 months contingent on the achievement of certain targets. The interest rate is Libor plus 7.50%. Borrowings under the revolver will bear interest at Libor plus 4.45%.

The company purchased Stellarex for $30 million from Covidien in November 2014.