Navigation Links
NxStage Announces Credit Facility Amendment
Date:3/16/2009

Company Completes First Step to Restructure Repayment Schedule

LAWRENCE, Mass., March 16 /PRNewswire-FirstCall/ -- NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced that it has entered into an amendment of its November 21, 2007 credit and security agreement with a group of lenders led by GE Business Financial Services Inc. The amendment postpones principal payments under the term loan for three months, from April through June 2009, decreases the minimum net revenue covenants and adds certain minimum liquidity and minimum adjusted consolidated EBITDA targets.

"This is an important first step in our plans to restructure the repayment schedule on our credit facility," stated Robert Brown, Chief Financial Officer of NxStage Medical. "We have made meaningful progress in improving our business fundamentals and appreciate the continuing support of our lenders. This amendment provides the Company with additional flexibility to remain in compliance with its terms and covenants, and the revised facility terms reflect the impact of the current economic conditions."

In connection with this amendment, the Company paid a $0.5 million amendment fee and agreed to increase the interest rate on the facility's term loan from 10.42% to 11.12% per annum. Interest on any borrowings under the revolving credit facility now includes a LIBOR floor of 4% plus 6.5%. Previously, the interest rate for the revolver had no floor on LIBOR. Additional security was also provided by expanding the collateral base to include all intellectual property held by NxStage.

About NxStage Medical

NxStage Medical, Inc. (Nasdaq: NXTM) is a medical device company, headquartered in Lawrence, Massachusetts, USA, that develops, manufactures and markets innovative products for the treatment of end-stage renal disease, or ESRD, and acute kidney failure. For more information on NxStage and its products, please visit the company's website at http://www.nxstage.com.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. Examples of these forward-looking statements include statements as to this amendment to the credit facility being an important first step in restructuring the repayment schedule under the Company's credit facility. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond NxStage's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements, including unanticipated difficulties in further restructuring the terms of this facility, and certain other factors that may affect future operating results and which are detailed in NxStage's filings with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the period ended September 30, 2008.

In addition, the statements in this press release represent NxStage's expectations and beliefs as of the date of this press release. NxStage anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while NxStage may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so, whether as a result of new information, future events, or otherwise. These forward-looking statements should not be relied upon as representing NxStage's expectations or beliefs as of any date subsequent to the date of this press release.

    Contact:

    Kristen K. Sheppard, Esq.
    Investor Relations
    978-332-5923
    ksheppard@nxstage.com


'/>"/>
SOURCE NxStage Medical, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. NxStage Reports Fourth Quarter and Full Year 2008 Financial Results
2. NxStage Reports Sustained Reduction in Clinical Depressive Symptoms for Daily Home Hemodialysis Patients After One Year
3. iSirona Signs Reference Selling Agreement with NxStage
4. NxStage to Report Fourth Quarter and Full Year 2008 Financial Results
5. First NxStage Home Hemodialysis Patients Celebrate Five-Year Anniversary
6. NxStage(R) Ranked 14th Fastest Growing Company in North America on Deloittes 2008 Technology Fast 500
7. NxStage Applauds Array of Studies To Be Presented at American Society of Nephrology Meeting
8. NxStage(R) Achieves Milestone with 3,000 End-Stage Renal Disease Patients Receiving Daily Home Hemodialysis Therapy
9. NxStage Reports Third Quarter 2008 Financial Results
10. NxStage Appoints New Member to Its Board of Directors and Announces Resignation of Board Member
11. NxStage Announces Presentation of Data at the American Society of Nephrologys Renal Week 2008 Annual Meeting
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/19/2017)... ... January 19, 2017 , ... LabRoots ... scientists from around the world, announces the launch of its newly redesigned website. ... portal to research breakthroughs and trending news, vital information on upcoming virtual events ...
(Date:1/19/2017)... , ... January 19, 2017 , ... ... telemedicine solutions, has recently unveiled impressive transportable capabilities with their iMedHD2™ Portable ... is an extension to RMT technology that delivers HD, dynamic, streaming ultrasound images ...
(Date:1/19/2017)... ... January 19, 2017 , ... WholeHealth ... this year. Drs. Alexander Paziotopoulos, Andrew Petersen and Trish Henrie-Barrus will be present ... the clinic’s leading recovery program. , “We know it’s easy to get ...
(Date:1/19/2017)... ... January 19, 2017 , ... Dr. Andrew Lian-Jie ... fellowship trained Mohs and cosmetic surgeon. After extensive dermatology research training at the ... internship in internal medicine at the Emory University and dermatology training at the ...
(Date:1/19/2017)... (PRWEB) , ... January 19, 2017 , ... ... Clinical Conductor CTMS, which provides a modern CTMS workflow designed to seamlessly integrate ... information has been condensed to a single page, maximizing usability and improving efficiency ...
Breaking Medicine News(10 mins):
(Date:1/19/2017)... Incretin Mimetics/GLP-1 Agonists, SNDRIs, Lipase Inhibitors, Serotonin Receptor Agonists, ... anti-obesity drugs market is expected to grow at a CAGR ... CAGR of 38.7% in the second half of the forecast period. ... from 2016 to 2027. The market is estimated at $1,058 million ... ...
(Date:1/19/2017)... LONDON , January 19, 2017 ... Grothey ; European Oncology & Haematology, 2016;12(Suppl 2):3-8; ... ... http://photos.prnewswire.com/prnh/20151014/276718LOGO) Published recently in ... the peer-reviewed journal from touchONCOLOGY, an article by ...
(Date:1/19/2017)... PALO ALTO, Calif. , Jan. 19, 2017 /PRNewswire/ ... scientific research, is excited to announce that the ... Project: Cancer Biology  (RP:CB) have been published in ... science, this project represents the first practical evaluation ... that result in reproducible studies. Unlike other assessments ...
Breaking Medicine Technology: