Alphatec Spine Completes $30 Million Credit Facility
BY EDITOR, DECEMBER 9, 2008
CARLSBAD, Calif., Dec 09, 2008 -- Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions related to the aging spine, announced today that Silicon Valley Bank and Oxford Finance Corporation have provided the Company with a $30 million credit facility.
"We are pleased that our business provides the ability to raise capital with reasonable terms," said Dirk Kuyper, Alphatec Spine's President and Chief Executive Officer. "This credit facility strengthens our ability to pursue our business strategy in the aging spine market and the core spinal fusion market, including expanding our U.S. and European distribution network."
"Alphatec Spine continues to make incredible advances in the treatment of spine disorders," said Andy Pelletier, Senior Relationship Manager from Silicon Valley Bank. "We look forward to providing its outstanding management team the financial support it needs to continue to be successful."
"We are proud to add Alphatec Spine to our credit portfolio given its solid sustainable business growth in the spine surgery market," said J. Alden Philbrick, President and Chief Executive Officer of Oxford Finance Corporation. "Oxford is very pleased to provide financing along with Silicon Valley Bank to support Alphatec Spine's continuing product development and marketing efforts."
The $30 million credit facility is due in April 2012 and consists of a $15 million term note and a $15 million working capital line of credit. The funds from the credit facility will be used to pay off both Alphatec Spine's existing line of credit of $12.75 million and equipment notes of approximately $1.0 million and provides significant incremental borrowing capacity.
A copy of the agreement referenced in this press release will be filed with Alphatec Spine's Annual Report on Form 10-K for the year ending December 31, 2008 and the foregoing description is subject in all respects to the actual terms of the agreement.
