RTI Surgical enters amended $20 million revolver, $60 million loan

By Jennifer Chiou

New York, July 19 - RTI Surgical, Inc. entered into on July 16 an amendment and restatement of its loan agreement with TD Bank, NA as administrative agent with Regions Bank as lender, according to an 8-K filing with the Securities and Exchange Commission.

The loan agreement provides for a $20 million revolving credit facility and a $60 million term loan facility.

The facility is secured by substantially all the assets of the company and its subsidiaries.

Borrowings will bear interest at Libor plus 150 basis points initially and will be subject to adjustment after the end of each fiscal quarter based upon the company's consolidated leverage ratio.

Proceeds of the term loan facility and borrowings under the revolving credit facility were used to fund a portion of the purchase price and pay certain transaction expenses at the closing of the acquisition of Pioneer Surgical Technology, Inc.

The Alachua, Fla., company prepares human donated tissue and bovine tissue for transplantation. The allograft (human) and xenograft (animal) implants are used in orthopedic, dental, hernia and other specialty surgeries. RTI Surgical was formerly known as RTI Biologics.

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