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| RTIX > SEC Filings for RTIX > Form 8-K on 2-Feb-2009 | All Recent SEC Filings |
2-Feb-2009
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
On January 28, 2009, we, together with our subsidiaries Tutogen Medical, Inc. and Tutogen Medical (United States), Inc., entered into a new credit agreement with Mercantile Bank, a division of Carolina First Bank. The agreement provides for two credit facilities: a $1.75 million term loan and a $10.0 million revolving line of credit. Both credit facilities mature on February 3, 2011, subject to acceleration upon the occurrence of an event of default, including but not limited to a failure to maintain certain financial ratios. The term loan bears interest at LIBOR plus 3.0% and the revolving line of credit bears interest at LIBOR plus 2.50% - 3.25%. The facilities are secured by our accounts receivable and inventory (as well as the accounts receivable and inventory of Tutogen Medical, Inc. and Tutogen Medical (United States), Inc.) in the United States and certain other assets.
The term loan is evidenced by a new term note that amends and restates the term note dated December 30, 2008 to Mercantile Bank.
On February 2, 2009 we issued a press release announcing the credit facility. A copy of the press release is furnished herewith as Exhibit 99.1.
(d) Exhibits.
99.1 Press Release dated February 2, 2009.
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