Alphatec Holdings, Inc. Announces Non-Dilutive Debt Facility
January 09, 2023 at 02:01 pm
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Alphatec Holdings, Inc. announced the closing of a five-year, $150 million non-dilutive term loan agreement with Braidwell LP. On January 6, 2023, the company entered into a five-year agreement with Braidwell LP, an investment manager that has agreed to make a term loan of up to $150 million. An initial $100 million tranche has been funded and the company has the option to draw an additional $50 million.
Additional features of the debt facility include: Annual interest rate of SOFR plus 5.75%; Interest-only payments throughout the 5-year term; Due in 2028 with no springing maturity ahead of the Company's existing 2026 convertible senior notes.
Alphatec Holdings, Inc., through its wholly owned subsidiaries, Alphatec Spine, Inc., EOS imaging S.A.S. and SafeOp Surgical, Inc., is a medical device company. The Company is focused on the design, development, and advancement of technology for surgical treatment of spine disorders. It has a range of product portfolios designed to address the spine's various pathologies. Its AIX product platform comprises of its EOS imaging system and VEA alignment mobile application, its SafeOp Neural InformatiX System and Valence. The EOS imaging system is designed to provide calibrated full-body imaging that enables a three-dimensional (3D) model of patientsâ skeletal systems. It has developed a patient positioning systems that integrates with its other access systems, providing for a more rigid construct and enhanced reproducibility. It offers procedure-specific access systems, including its Sigma-ALIF Access System, which allows for custom anterior abdominal exposure.