Surmodics amended its secured credit agreement with Wells Fargo, increasing the revolving line of credit from $20 million to $30 million.

According to a related 8-K filing, the amended agreement extends the maturity of the previous facility by three years. The company’s obligations under the credit agreement are secured by substantially all of its and its subsidiaries’ assets, other than intellectual property and real estate. The company has also pledged the stock of its subsidiaries to secure such obligations.

Interest expense was reduced as compared to the company’s prior secured revolving credit facility as specified in an amended and restated revolving line of credit note executed by the company in favor of the bank. Interest under the credit agreement accrues at a rate equal to LIBOR for an interest period of one month, reset daily, plus a margin ranging from 1.00% to 1.75% or LIBOR for an interest period of either one, three or six months as selected by the company, reset at the end of the selected interest period, plus a margin ranging from 1.00% to 1.75%. A facility fee is payable on unused commitments at a rate of 0.15% per annum. The interest rate margins are determined based on the company’s ratio of total funded debt to EBITDA.

Surmodics offers an array of advanced technologies to enable the performance and enhance the functionality of medical devices and in vitro diagnostics.