Xtant Medical Increases Revolving Credit Facility to $17 Million with MidCap Financial
March 07 2024 - 4:05PM
Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global
medical technology company focused on surgical solutions for the
treatment of spinal disorders, today announced that the Company’s
revolving credit agreement with MidCap Financial Trust (“MidCap”)
was amended to increase the commitment from $8.0 million to $17.0
million. The Company’s term loan was also amended to provide for an
additional $10.0 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 7.00% to
6.50%.
“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,” said Sean
Browne, President and CEO of Xtant Medical. “We appreciate MidCap’s
support and flexibility to help us achieve our long-term
goals.”
About Xtant Medical Holdings,
Inc.
Xtant Medical Holdings, Inc.
(www.xtantmedical.com) is a global medical technology company
focused on the design, development, and commercialization of a
comprehensive portfolio of orthobiologics and spinal implant
systems to facilitate spinal fusion in complex spine, deformity and
degenerative procedures. Xtant people are dedicated and talented,
operating with the highest integrity to serve our customers.
The symbols ™ and ® denote trademarks and
registered trademarks of Xtant Medical Holdings, Inc. or its
affiliates, registered as indicated in the United States, and in
other countries. All other trademarks and trade names referred to
in this release are the property of their respective owners.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include statements
that are predictive in nature, that depend upon or refer to future
events or conditions, or that include words such as “intends,”
‘‘expects,’’ ‘‘anticipates,’’ ‘‘plans,’’ ‘‘believes,’’
‘‘estimates,’’ “continue,” “future,” ‘‘will,’’ “potential,” similar
expressions or the negative thereof, and the use of future dates.
Forward-looking statements in this release include the Company’s
expectations regarding execution on its growth initiatives and
financial position. The Company cautions that its forward-looking
statements by their nature involve risks and uncertainties, and
actual results may differ materially depending on a variety of
important factors, including, among others: the Company’s future
operating results and financial performance; its ability to
increase or maintain revenue; risks associated with its recent
acquisitions and the integration of those businesses; anticipated
shortages of stem cells which will adversely affect future
revenues; possible future impairment charges to long-lived assets
and goodwill and write-downs of excess inventory; the ability to
remain competitive; the ability to innovate, develop and introduce
new products; the ability to engage and retain new and existing
independent distributors and agents and qualified personnel and the
Company’s dependence on key independent agents for a significant
portion of its revenue; the effect of COVID-19, labor and hospital
staffing shortages on the Company’s business, operating results and
financial condition, especially when they affect key markets; the
Company’s ability to implement successfully its future growth
initiatives and risks associated therewith; the effect of
inflation, increased interest rates and other recessionary factors
and supply chain disruptions; the effect of product sales mix
changes on the Company’s financial results; government and
third-party coverage and reimbursement for Company products; the
ability to obtain and maintain regulatory approvals and comply with
government regulations; the effect of product liability claims and
other litigation to which the Company may be subject; the effect of
product recalls and defects; the ability to obtain and protect
Company intellectual property and proprietary rights and operate
without infringing the rights of others; risks associated with the
Company’s clinical trials; international risks; the ability to
service Company debt, comply with its debt covenants and access
additional indebtedness; the ability to obtain additional financing
on favorable terms or at all; and other factors. Additional risk
factors are contained in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022 filed with the Securities and
Exchange Commission (SEC) on March 8, 2023 and subsequent SEC
filings by the Company, including without limitation its most
recent Quarterly Report on Form 10-Q for the quarterly period ended
September 30, 2023 filed with the SEC on November 14, 2023.
Investors are encouraged to read the Company’s filings with the
SEC, available at www.sec.gov, for a discussion of these and other
risks and uncertainties. The Company undertakes no obligation to
release publicly any revisions to any forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events, except as required by law.
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by this cautionary statement.
Investor Relations Contact
David CareyFINN PartnersPh: 212-867-1762Email:
david.carey@finnpartners.com
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