Xtant Medical, a global medical technology company focused on surgical solutions for the treatment of spinal disorders, amended its revolving credit agreement with MidCap Financial Trust to increase the commitment from $8 million to $17 million. The company’s term loan was also amended to provide for an additional $10 million tranche to be made available for acquisitions at MidCap’s discretion.
The maturity dates of Xtant’s revolving credit facility and term loan were extended to March 1, 2029, and minimum net product revenue requirements specified in the agreements were reset and minimum adjusted EBITDA requirements were removed. Additionally, the applicable margin used to determine the per annum interest rate of the term loan was reduced from 7% to 6.5%.
“We are very pleased to increase our revolving credit facility with MidCap to support our fast pace of growth. As we execute on our four pillars of growth, we may require additional capital for inventory and other working capital needs,” Sean Browne, president and CEO of Xtant Medical, said. “We appreciate MidCap’s support and flexibility to help us achieve our long-term goals.”
