Artivion, Inc. Obtains $350 Million in Senior Secured Credit Facilities
January 18, 2024 at 04:05 pm EST
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Artivion, Inc. announced the closing of a comprehensive, non- dilutive definitive credit agreement with Ares Management Credit funds for $350 million of senior secured, interest-only, credit facilities with 6-year maturities. The credit facilities include an initial $190 million term loan, a $60 million revolving credit facility, and an additional $100 million in unfunded delayed draw term loan commitments that may be drawn to refinance the Company's convertible bonds at any time on or prior to the maturity of the convertible bonds, subject to customary conditions. The initial $190 million term loan and $30 million from the revolving credit facility were drawn at close to retire the Company's existing senior secured credit facilities and pay related fees and expenses.
The option to draw the additional $100 million of term loans provides the Company with a financing source to efficiently address the maturity date of the convertible bonds at any time at or prior to maturity.
Artivion, Inc. is a medical device company engaged in the manufacturing, processing, and distribution of medical devices and implantable human tissues used in cardiac and vascular surgical procedures for patients with aortic disease, heart valve disease, aortic aneurysms, and dissections. The Company's segments include Medical Devices and Preservation Services. The Medical Devices segment includes sales of aortic stent grafts, surgical sealants, and On-X. The Preservation Services segment includes services for the preservation of cardiac and vascular implantable human tissues. It has four product families: aortic stent grafts, surgical sealants, On-X mechanical heart valves and related surgical products, and implantable cardiac and vascular human tissues. Aortic stent grafts include aortic arch stent grafts, abdominal stent grafts, and synthetic vascular grafts. Surgical sealants include BioGlue Surgical Adhesive products. It also sells or distributes PhotoFix bovine surgical patches.