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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." '/>"/>

SOURCE NxStage Medical, Inc.
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