Solta Medical, Inc. (Solta Medical), a developer of medical device systems for aesthetic applications, has signed an amendment with Silicon Valley Bank, a member company of SVB Financial Group. Under amended agreement, the company's credit facility has been expanded from $9 million to $12 million.
The amendment provides for increase of the secured revolving loan facility to $8 million, an amendment to the borrowing base formula for the revolving loan to provide that the borrowing base will be based on 70% of the company’s gross balance sheet accounts receivable, and an additional $1 million under the secured term loan. Other terms and conditions of the credit facility remain largely unchanged.
We are very pleased to be working with SVB. Our ability to expand upon our existing credit facility speaks to the company’s recent performance and strengthens our ability to pursue strategic initiatives, said Stephen J. Fanning, chairman of the board, president and chief executive officer of Solta Medical.
SVB remains committed to providing Solta financial solutions to pursue its plans for growth, said Ben Colombo, senior relationship manager from Silicon Valley Bank. We are proud to have been Solta’s financial partner over the last eight years and look forward to a continued strong relationship.