Medtech company Shoulder Innovations has closed two new credit facilities for up to $50 million, providing the organization with greater financial flexibility.
The new credit facilities consist of a $15 million growth capital term loan to refinance its existing credit facility, and a $30 million undrawn line of credit, with an additional $5 million available, according to a June 29 news release from Shoulder Innovations.
The credit facilities were provided by Stifel Venture Banking.
“This refinancing represents an important step in strengthening our financial foundation as we continue to rapidly scale Shoulder Innovations,” Jeff Points, the company’s CFO, said in the release. “The new credit facility significantly improves the economics of our existing debt structure, provides additional financial flexibility, and better aligns our lender relationships with the current stage of our business.”
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