Carlsbad-based SeaSpine Holdings Corp. (Nasdaq:SPNE), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, announced that it has signed a three-year credit facility with Wells Fargo Capital Finance, with the option to extend for a fourth year, according to a company press release. The facility provides up to $30 million in borrowing capacity based on specified accounts receivable and inventory levels.
“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.”
