Stereotaxis, Inc. (Stereotaxis) has received a commitment letter from Silicon Valley Bank to increase and extend its credit facility. Under the terms set forth in the commitment letter, the company could borrow up to $30 million, compared with $25 million under its current facility.
Consistent with the current agreement, the revolving line of credit would include a sublimit of $10 million for advances guaranteed by two current shareholders. The facility would be extended for another year and would mature on March 31, 2011.
The commitment is subject to completion of definitive loan documents and other typical closing conditions. In addition, Stereotaxis also reported that it is in discussions with the shareholder guarantors regarding the final terms of a proposed extension of their $10 million guaranty facility to March 31, 2011.
Stereotaxis designs, manufactures and markets an advanced cardiology instrument control system for use in a hospital’s interventional surgical suite to enhance the treatment of coronary artery disease and arrhythmias.