Integra LifeSciences established new terms under its credit facility, including an extended maturity state.
The company is focused on orthopedic, spine, neurosurgery, reconstructive and general surgery devices. Here are five quick facts about the company's recent renewal and extension of its credit facility:
1. The credit facility increased from $600 million to $900 million. It consists of a $750 million revolver and a $150 million term loan. The company plans to use the new credit facility to refinance the company's barrowings under its existing facility, future acquisitions and general corporate purposes.
2. There were no changes to the price terms or commitment fees in the existing facility. Integra LifeSciences' CFO said the added financial flexibility will support the company's long term growth objectives.
3. The company has the option to increase the aggregate size of the facility by $200 million with additional commitments. Integra celebrated its 25th anniversary this year and continues to plan for the future.
4. The company's current credit facility maturity date was extended through July 2, 2019. Integra LifeSciences does not expect this renewal and extension in maturity to have a material impact on the company's 2014 financial performance. In the first quarter of 2014 the company reported increased revenues to $215.1 million, a significant growth over the $18.4 million in the first quarter of 2013. Net income was $2.2 million.
5. The new terms were established in conjunction with the company's bank group led by Bank of America, N.A., and Wells Fargo Bank. The company plans to announce second quarter 2014 financial results at the beginning of August.
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