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ATEC > SEC Filings for ATEC > Form 8-K on 6-Sep-2013All Recent SEC Filings

Show all filings for ALPHATEC HOLDINGS, INC.



Entry into a Material Definitive Agreement

Item 1.01. Entry of a Material Definitive Agreement.

On August 30, 2013, Alphatec Holdings, Inc. ("Alphatec Holdings"), Alphatec Spine, Inc., a California corporation and a wholly owned subsidiary of Alphatec Holdings ("Alphatec Spine"), Alphatec International LLC, a Delaware limited liability company and an indirect subsidiary of Alphatec Holdings ("Alphatec International"), and Alphatec Pacific, Inc., a Japanese corporation and a subsidiary of Alphatec Holdings ("Alphatec Pacific") (collectively, Alphatec Holdings, Alphatec Spine, Alphatec International and Alphatec Pacific shall be referred to as "Alphatec"), entered into an Amended and Restated Credit, Security and Guaranty Agreement with MidCap Funding IV, LLC as Administrative Agent and lender ("MidCap") and other lenders from time to time a party thereto (together with MidCap, the "Lenders"), which permits Alphatec to borrow up to $73 million (the "Credit Facility"). The Credit Facility is due in July 2016 and consists of a $28 million term loan drawn at closing with a $5 million delayed draw within 12 months (the "Term Facility") and a revolving line of credit with a maximum borrowing base of $40 million (the "Revolving Facility"). The borrowing base is determined, from time to time, based on the value of domestic eligible accounts and domestic eligible inventory. The Term Facility interest rate accrues at an annual rate of LIBOR plus 8.0%, subject to a 9.5% floor and the Revolving Facility interest accrues at an annual rate of LIBOR plus 6.0%, and is reset monthly. As collateral for the Credit Facility, Alphatec granted MidCap a security interest in substantially all of its assets, including all accounts receivable and all securities evidencing Alphatec Holdings' interests in its subsidiaries. The funds from the Credit Facility will be used to pay off both Alphatec's existing revolving credit facility with Midcap Finance, LLC in the amount of $39 million, certain fees associated with entering into the Credit Facility and will serve as a source of capital for ongoing operations and working capital needs.

The Credit Facility includes traditional lending and reporting covenants including that certain financial covenants applicable to liquidity and earnings are to be maintained by Alphatec. The Credit Facility also includes several potential events of default, such as payment default and insolvency conditions, which could cause interest to be charged at a rate which is five percentage points above the rate effective immediately before the event of default or result in Lenders' right to declare all outstanding obligations immediately due and payable.

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