EndoChoice Holdings announced it has completed the refinancing of its outstanding debt and closed on a new $58 million senior secured credit facility with Midcap Financial and Silicon Valley Bank. The new facility consists of a $43 million term loan and a $15 million revolving line of credit.

In addition to increasing the overall size of EndoChoice’s borrowing availability, the new facility lowers the cost of the company’s debt and conserves cash during the first three years.

The facility has a term of 60 months with interest-only payments during the first 30 months. The interest rate on the term loan is fixed at 9.5% while borrowings under the revolving line of credit will bear interest at Libor plus 5.25%. In connection with the payoff of the previous facility, a charge of approximately $2.3 million will be recorded in the second quarter of 2015 for prepayment fees and end of term fees, as well as the write-off of deferred financing costs and debt discounts.

Alpharetta, GA-based EndoChoice is a medtech company focused on the manufacturing and commercialization of platform technologies including endoscopic imaging systems, devices and infection control products and pathology services for specialists screening, diagnosing and treating a wide range of gastrointestinal conditions, including colon cancer.