Wright Medical Group closed a $150 million senior secured asset-based line of credit with Midcap Financial Trust as administrative agent.

According to a related 8-K filing, the ABL facility may be increased by up to $100 million upon the borrowers’ request, subject to the consent of the agent and each of the other lenders providing such increase.

Borrowings under the ABL facility will be used by for general corporate purposes and the working capital needs of the borrowers and their subsidiaries.

The interest rate margin applicable to borrowings under the ABL facility will be, at the option of the borrowers, equal to either 3.25% for base rate loans or 4.25% for LIBOR rate loans, subject to a 0.75% LIBOR floor.

In addition to paying interest on the outstanding loans, the borrowers will also be required to pay a customary unused line fee equal to 0.50% per annum in respect of unutilized commitments and certain other customary fees related to agent’s administration of the ABL facility.

Beginning January 1, 2017, the borrowers will be required to maintain a minimum drawn balance on the ABL facility equal to 20% of the average borrowing base for each month. To the extent the actual drawn balance is less than 20%, the borrowers will pay a fee equal to the amount the lenders under the ABL facility would have earned had the borrowers maintained a minimum drawn balance equal to 20% of the average borrowing base for such month.