Solta Medical, Inc. Signs Amendment to Expand Its Credit Facility With Silicon Valley Bank
July 06 2009 - 4:05PM
PR Newswire (US)
HAYWARD, Calif., July 6 /PRNewswire-FirstCall/ -- Solta Medical,
Inc. (NASDAQ:SLTM), a global leader in the medical aesthetics
market, today announced that it has signed an amendment with
Silicon Valley Bank, a member company of SVB Financial Group
(NASDAQ:SIVB), under which the company's credit facility has been
expanded from $9 million to $12 million. The Amendment provides for
an increase of the secured revolving loan facility to $8.0 million,
an amendment to the borrowing base formula for the revolving loan
to provide that the borrowing base will be based on 70% of the
Company's gross balance sheet accounts receivable, and an
additional $1.0 million under the secured term loan. Other terms
and conditions of the credit facility remain largely unchanged. "We
are very pleased to be working with SVB. Our ability to expand upon
our existing credit facility speaks to the company's recent
performance and strengthens our ability to pursue strategic
initiatives," said Stephen J. Fanning, Chairman of the Board,
President and CEO of Solta Medical, Inc. "SVB remains committed to
providing Solta financial solutions to pursue its plans for
growth," said Ben Colombo, Senior Relationship Manager from Silicon
Valley Bank. "We are proud to have been Solta's financial partner
over the last eight years and look forward to a continued strong
relationship." Additional details on the amended credit facility
are available in the form 8-K filed today by Solta Medical. ABOUT
SOLTA MEDICAL Solta Medical is a global leader in the medical
aesthetics market providing innovative, safe and effective
anti-aging solutions for patients that enhance and expand the
practice of medical aesthetics for physicians. The company offers
products to address aging skin under the industry's two premier
brands: Thermage(R) and Fraxel(R). Thermage is an innovative,
non-invasive radiofrequency procedure for tightening and contouring
skin. As the leader in fractional laser technology, Fraxel delivers
minimally invasive clinical solutions to resurface aging and sun
damaged skin. Since 2002, over one million Thermage and Fraxel
procedures have been performed in nearly 80 countries. Thermage and
Fraxel are the perfect complement for any aesthetic practice. For
more information about Solta Medical, call 1-877-782-2286 or log on
to http://www.solta.com/. ABOUT SILICON VALLEY BANK Silicon Valley
Bank is the premier commercial bank for companies in the
technology, life science, venture capital/private equity and
premium wine industries. SVB provides a comprehensive suite of
financing solutions, treasury management, corporate investment and
international banking services to its clients worldwide. Through
its focus on specialized markets and extensive knowledge of the
people and business issues driving them, Silicon Valley Bank
provides a level of service and partnership that measurably impacts
its clients' success. Founded in 1983 and headquartered in Santa
Clara, Calif., the company serves clients around the world through
27 U.S. offices and international operations in China, India,
Israel and the United Kingdom. Silicon Valley Bank is a member of
global financial services firm SVB Financial Group (NASDAQ:SIVB),
with SVB Analytics, SVB Capital, SVB Global and SVB Private Client
Services. More information on the company can be found at
http://www.svb.com/. Silicon Valley Bank is the California bank
subsidiary and the commercial banking operation of SVB Financial
Group. Banking services are provided by Silicon Valley Bank, a
member of the FDIC and the Federal Reserve. SVB Private Client
Services is a division of Silicon Valley Bank. SVB Financial Group
is also a member of the Federal Reserve System. DATASOURCE: Solta
Medical, Inc. CONTACT: Jack Glenn, Chief Financial Officer of Solta
Medical, Inc., +1-510-786-6890 Web Site: http://www.solta.com/
http://www.svb.com/
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