CARLSBAD, Calif., Sept. 16, 2013 (GLOBE NEWSWIRE) -- Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that provides physician-inspired solutions for patients with spinal disorders, announced today that it has amended its existing credit facility with MidCap Financial. The revised credit facility increases Alphatec Spine, Inc.'s current financing capability by providing access to up to an aggregate maximum amount of $73.0 million. The revised facility consists of a $40.0 million revolving line of credit supported by a $33.0 million term loan, which is due July 2016. The amended credit facility will be used to support the Company's general operational purposes and working capital needs.
"We have worked hard to build a strong working relationship with MidCap Financial and appreciate their continued support," said Les Cross, Alphatec Spine's Chairman and Chief Executive Officer. "The revised credit facility provides us with additional flexibility and liquidity. With this facility in place, we should be well positioned to continue to fund our ongoing operational and commercial activities as well as providing additional capacity for future accretive transactions."
"We have enjoyed partnering with Alphatec Spine since the origination of the initial credit facility that we established in June 2012," said Matt Pappano, Vice President-Portfolio Manager at MidCap Financial. "Over the last fifteen months we have been very pleased to see the company's continued growth and positive performance of the business. We're delighted to further assist Alphatec Spine in continuing to deliver their business objectives by now providing the company with additional flexible capital."
Further information regarding the Company's recent strategic debt restructuring transaction with MidCap Financial is set forth in a Current Report on Form 8-K that was filed with the U.S. Securities and Exchange Commission (SEC) on September 6, 2013 and is available on both the SEC's website at www.sec.gov and the Company's website at www.alphatecspine.com.
About Alphatec Spine
Alphatec Spine, Inc., a wholly owned subsidiary of Alphatec Holdings, Inc., is a medical device company that designs, develops, manufactures and markets physician-inspired products and solutions for the treatment of spinal disorders associated with trauma, congenital deformities, disease and degeneration. The Company's mission is to combine innovative surgical solutions with world-class customer service to improve outcomes and patient quality of life. The Company and its affiliates market products in the U.S. and in over 50 countries internationally via a direct sales force and independent distributors.
Additional information can be found at www.alphatecspine.com.
About MidCap Financial, LLC
MidCap Financial is a commercial finance company focused on middle market lending in the broad national healthcare industry. MidCap specializes in $5 million to $200 million loans. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles, and focuses in four areas:
-Asset-Based working capital loans to healthcare providers collateralized by third-party accounts receivable and other assets;
-Leveraged loans to healthcare companies backed by private equity sponsors;
-Life Sciences loans to VC-backed and public pharmaceutical, biotech, and medical device companies;
-Real Estate loans to skilled nursing facilities, senior housing properties, and medical office buildings
Additional information about MidCap Financial can be found at www.midcapfinancial.com.
Forward Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. Alphatec Spine cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors. Forward looking statements include references to Alphatec Spine's 2013 growth, revenue, and adjusted EBITDA projections; the Company's ability to take advantage of the maximum amount of its new credit facility, and Alphatec Spine's ability to continue to fund its ongoing operational and commercial activities and future accretive transactions. Please refer to the risks detailed from time to time in Alphatec Spine's SEC reports, including its Annual Report Form 10-K for the year ended December 31, 2012, filed on March 4, 2013 with the Securities and Exchange Commission, as well as other filings on Form 10-Q and periodic filings on Form 8-K. Alphatec Spine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
CONTACT: Investor/Media Contact: Christine Zedelmayer Investor Relations Alphatec Spine, Inc. (760) 494-6610 firstname.lastname@example.org
Source:Alphatec Holdings, Inc.