Xtant Medical amends credit facility, issues warrants

Jackie Drees -   Print  |
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Xtant Medical executed amendments to its credit facility to reduce interest payable and issued warrants for the purchase of more than one million shares of common stock.

Here are three things to know:

1. The medical device company's amendments constitute some of the following changes with its lenders:

• No interest will be charged on the loan's outstanding balance under the credit facility between April 1 and Dec. 31.
• The fee due upon payment, prepayment or repayment of the loans' principal amount under the credit facility increased from 1 percent to 2 percent.

2. Xtant issued warrants for 1.2 million shares of common stock at $0.01 per share, expiring Aug. 1.

3. The warrants were issued to OrbiMed Royalty Opportunities II and ROS Acquisition Offshore. Together, the two companies own an estimated 70 percent of Xtant's outstanding common stock and are the sole holders of the company's outstanding long-term debt under the credit facility.

 

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