RTI Surgical obtains $100 million five-year revolving credit facility

By Sarah Lizee

Olympia, Wash., June 7 – RTI Surgical, Inc. and subsidiary Pioneer Surgical Technology, Inc. entered into a credit agreement on Tuesday with JP Morgan Chase Bank, NA as administrative agent providing for a $100 million five-year revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The companies may request an increase to the facility by up to $50 million with lender approval.

Borrowings bear interest at Libor plus 200 basis points.

The facility matures June 5, 2023.

The company is subject to some covenants, including a minimum fixed charge coverage ratio of at least 1 to 1.

A total of $54.4 million is currently outstanding on the revolver due to RTI’s Tuesday paydown of its loan agreement dated Aug. 3, 2017 with TD Bank, NA as administrative agent.

The Alachua, Fla., company prepares human donated tissue and bovine tissue for transplantation.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.