Here are five key notes:
1. SeaSpine signed the credit facility to provide up to $30 million in borrowing capacity based on specific accounts receivable and inventory levels.
2. The credit facility has an option to extend for a fourth year.
3. SeaSpine hopes the credit facility will accelerate organic strategic objectives, such as expanding the company’s orthobiologics manufacturing capacity and new product launches in the hardware business.
4. The credit facility will also provide additional capital to pursue acquisitions and other business development opportunities.
5. Integra LifeSciences spun off SeaSpine last year. The company focuses on less invasive spine surgical solutions.
“We are in a unique and exciting position as a newly-independent spine company, now with greater financial flexibility to support our growth initiatives,” said President and CEO Keith Valentine.
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