RTI Surgical amends, gets up to $30 million of incremental loans

By Sarah Lizee

Olympia, Wash., April 29 – RTI Surgical Holdings, Inc. subsidiary RTI Surgical, Inc. amended its $100 million term loan with Ares Capital Corp. as lender and administrative agent to provide for incremental term loans not to exceed $30 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for up to $13.5 million of the incremental loans to be available on a delayed-draw basis on or prior to Aug. 31, subject to some conditions.

RTI Surgical agreed pay to Ares for the benefit of each incremental term lender a fee in an amount equal to 5% of the principal amount of the incremental term loan commitments provided by each lender on the effective date of the amendment.

The loans advanced under the second amendment incremental term commitments have a maturity date of April 27, 2021.

The second amendment incremental term loans must be repaid in their entirety, at which time a takeout fee ranging from $11.2 million to $25 million will be due. The takeout fee is inclusive of all interest due.

RTI Surgical also amended its $80 million credit agreement with JPMorgan Chase Bank, NA as administrative agent and lender.

The amendment provides for a temporary $8 million block on availability under the agreement, an amendment to the interest rate to Libor plus 275 basis points and amendment of the maturity date to June 5, 2023.

RTI is an Alachua, Fla.-based surgical implant company.

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