The Spectranetics Corporation announced that it has amended its existing credit facilities led by MidCap Financial and Silicon Valley Bank to increase the total senior secured facility to $140 million. The amended credit facility consists of a $90 million term loan and a $50 million revolving line of credit and replaces the previous $60 million term loan and $50 million line of credit the Company had with the same financial partners.

"This financing strengthens our balance sheet while providing favorable terms versus our existing credit facility. We believe this facility will provide ample liquidity through the US launch of Stellarex and help us to achieve sustainable, positive cash flows," said Stacy McMahan, Chief Financial Officer of the Company. "We are pleased to continue our relationship with MidCap Financial and Silicon Valley Bank."

The maturity of the term loan and revolving credit facilities was extended from December 2020 to March 2021, and the interest-only period on the term loan was extended through June 2019. The interest rate on the term loan is initially LIBOR plus 7.15% per annum, an improvement from the prior $60 million term loan that had an interest rate of LIBOR plus 7.5% per annum.  The 7.15% margin rate will be reduced to 5.95% if the Company demonstrates at least $12.5 million of trailing six month EBITDA.  Borrowings under the revolving line of credit bear interest at LIBOR plus 4.45%, the same as the prior revolving credit agreement.

Additional details regarding this financing are available in the Company's Current Report on Form 8-K filed today with the Securities and Exchange Commission.

The Spectranetics Corporation develops, manufactures, markets and distributes medical devices used in minimally invasive procedures within the cardiovascular system. The Company's products are available in over 65 countries and are used to treat arterial blockages in the heart and legs and in the removal of pacemaker and defibrillator leads.