Wells Fargo Capital Finance Provides $30MM Facility to SeaSpine
SeaSpine Holdings Corporation, a global medical technology company focused on surgical solutions for the treatment of spinal disorders, has signed a three-year credit facility with Wells Fargo Capital Finance, with the option to extend for a fourth year. The facility provides up to $30 million in borrowing capacity based on specified accounts receivable and inventory levels.
“We are pleased to have Wells Fargo as a partner as we invest in the innovation that is critical to reengage with the surgeon community. This facility will accelerate several organic strategic objectives, including expansion of our orthobiologics manufacturing capacity and new product launches in our hardware business, as well as provide additional capital to pursue acquisitions and other business development opportunities,” said Keith Valentine, President and CEO of SeaSpine. “We are in a unique and exciting position as a newly independent spine company, now with greater financial flexibility to support our growth initiatives.”
SeaSpine is a global medical technology company focused on the design, development and commercialization of surgical solutions for the treatment of patients suffering from spinal disorders. SeaSpine has a comprehensive portfolio of orthobiologics and spinal fusion hardware solutions to meet the varying combinations of products that neurosurgeons and orthopedic spine surgeons need to perform fusion procedures on the lumbar, thoracic and cervical spine.