Navigation Links
NxStage Medical Establishes $50 Million Credit Facility with a Group of Lenders Led by Merrill Lynch Capital
Date:11/21/2007

LAWRENCE, Mass., Nov. 21 /PRNewswire-FirstCall/ -- NxStage Medical, Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis products, today announced that it has entered into a $50.0 million credit and security agreement from a group of lenders led by Merrill Lynch Capital, a division of Merrill Lynch Business Services Inc., for a term of 42 months.

The credit facility consists of a $30.0 million term loan and a $20.0 million revolving credit facility. The Company drew $25.0 million under the term loan at closing, with the remainder expected to be drawn within the next six months. The Company used $4.9 million of the proceeds from the term loan to repay all amounts owed under a term loan with Silicon Valley Bank. The initial draw under the term loan bears interest at a fixed rate of 10.77% and requires payment of only interest until the end of 2008. Beginning on February 1, 2009 principal will be repaid in 29 equal monthly installments. The term loan has a final payment fee of 3.0% to be paid at the time of loan payoff.

The $20.0 million revolving loan facility is based on a percentage of the Company's eligible accounts receivable, inventory and field equipment. The interest rate on the revolver is one-month LIBOR plus 4.25%. The Company did not draw any amounts under the revolver at closing; however, at the time of closing the Company's borrowing base on the revolver was approximately $13.0 million.

"This credit facility provides NxStage with additional financial flexibility to support the growing needs of our commercial operations," said Robert Brown, Chief Financial Officer. "We believe this facility represents an attractive financing alternative at a reasonable cost of capital."

About NxStage Medical

NxStage Medical, Inc. (Nasdaq: NXTM) is a medical device company, headquartered in Lawrence, Massachusetts, USA, that develops, manufactures and markets innovative systems and products primarily 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 the anticipated benefits of the credit facility and expectations as to future growth in NxStage's business. 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 market acceptance and demand for NxStage's products, growth in home and/or daily hemodialysis, 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 the Annual Report on Form 10-K for the year ended December 31, 2006, the Quarterly Report on Form 10-Q for the quarter ended September 30, 2007 and the Definitive Proxy Statement filed on September 12, 2007.

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.


'/>"/>
SOURCE NxStage Medical, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. NxStage Medical Completes Acquisition of Medisystems
2. NxStage Medical Reports Third Quarter 2007 Results
3. MSU engineering team designs innovative medical device
4. ATS Medical to Present at the 2007 Thomas Weisel Partners Healthcare Conference
5. Providence St. Joseph Medical Center, Caregivers Reach Agreement on a Union Contract
6. Owner and Operator of Florida Durable Medical Equipment Company Convicted of Medicare Fraud
7. Father and Daughter From Tanzania Receive Their First Medical Examination in Newport Beach
8. Doctors and medical ethicist discuss whether doctors should participate in capital punishment
9. Preparation for Natural Disasters Critical for People With Diabetes, Chronic Medical Conditions
10. Doctors and Medical Ethicist Discuss Whether Doctors Should Participate in Capital Punishment
11. Symmetry Medical Completes Acquisition Of Specialty Surgical Instruments
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... October 13, 2017 , ... Talented ... the lowdown on sciatica in a new episode of "Success Files," which is ... events and innovation and investigates each subject in-depth with passion and integrity. , ...
(Date:10/12/2017)... ... 12, 2017 , ... First Healthcare Compliance (FHC), an industry ... a range of technology and learning solutions at the 68th Annual American Healthcare ... be held October 14–18, 2017 at the Mandalay Bay Resort in Las Vegas, ...
(Date:10/12/2017)... , ... October 12, 2017 , ... IsoComforter, Inc. ( ... announced today the introduction of an innovative new design of the shoulder pad. ... you get maximum comfort while controlling your pain while using cold therapy. By utilizing ...
(Date:10/12/2017)... ... October 12, 2017 , ... Dr. Parsa Mohebi, ... a medical article to the newly revamped Cosmetic Town journal section, ... hair transplant procedure known as Follicular Unit Extraction (FUE). , Dr. ...
(Date:10/12/2017)... GRAND RAPIDS, Mich. (PRWEB) , ... October 12, ... ... OnSite Wellness, has been named one of Michigan’s 2017 Best and Brightest in ... Best and Brightest in Wellness® awards program on Friday, Oct. 20 from 7:30 ...
Breaking Medicine News(10 mins):
(Date:9/27/2017)... and NEW YORK , Sept. 27, 2017  DarioHealth ... and big data solutions, today announced that its MyDario product is expected ... local TV listings for when The Dr. Oz Show airs in your ... The nine-time Emmy ... ...
(Date:9/22/2017)... -- AVACEN Medical (AVACEN) announced that its CE-Marked AVACEN ... with the widespread pain associated with fibromyalgia in the ... Essex, England commented, "I had difficulty ... sleep at all, tremendous pain, with every movement sending ... AVACEN 100] enough, how this has and is helping ...
(Date:9/13/2017)... has been named the official orthopedic and sports medicine ... 2018 College Football Playoff (CFP) National Championship to be played ... Atlanta, Georgia . OrthoAtlanta is proud to be ... many activities leading up to, and including the national championship ... OrthoAtlanta serves ...
Breaking Medicine Technology: