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Bacterin Secures $15 Million Credit Facility with MidCap Financial and Silicon Valley Bank
Date:8/1/2011

BELGRADE, Mont., Aug. 1, 2011 /PRNewswire/ -- Bacterin International Holdings, Inc. (NYSE Amex: BONE), a leader in the development of revolutionary bone graft material and anti-infective coatings for medical applications, has secured a 42-month credit facility from MidCap Financial LLC and Silicon Valley Bank (SVB) that provides a line of credit up to $15 million.

Bacterin received a first tranche of $7 million at closing to retire all existing indebtedness with Bridge Bank and Western Technology Investments, with the remaining net cash proceeds of approximately $1.4 million to be used for working capital. A second tranche of $8 million is available for potential future acquisitions.

The 42-month financing carries interest only for the first nine months at an annual interest rate of one month LIBOR plus 7.50%, and straight-line amortization for the remaining 33 months. In connection with the financing, Bacterin will reduce its debt service payments through April 30, 2012 by approximately $60,000 per month from current levels.  

As part of the financing, Bacterin has granted MidCap a warrant to purchase shares of Bacterin's common stock equal to 7% of the amount drawn under the facility divided by the exercise price of $2.55 per share.  

"MidCap and SVB will be strong partners for Bacterin in helping to fuel our growth," said Guy Cook, Bacterin's chairman and CEO. "This new credit facility substantially improves our working capital position while we continue to expand sales of our existing biologics products, as well as enhance our newly acquired Robinson MedSurg orthopedic implants with Bacterin's anti-microbial coating technology."

Bacterin is pursuing the FDA market approval process to add its anti-microbial coatings to the Robinson MedSurg's product line, and plans to submit a 510(k) application before the end of the year. Once
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SOURCE Bacterin International, Inc.
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