By Devika Patel
Knoxville, Tenn., Feb. 29 - EP MedSystems, Inc. said it settled a $1.5 million asset-based revolving credit arrangement and a $1.5 million term loan from Keltic Financial Partners, LP. Both arrangements have a three-year term.
The loan facility is secured by a first lien on all of the company's assets, with interest rates up to Prime rate plus 2%.
Keltic will receive warrants for 25,000 shares, exercisable at $2.50 each.
Proceeds will be used to repay convertible debt.
Based in West Berlin, N.J., EP MedSystems develops electrophysiology products used to diagnose and treat cardiac rhythm disorders.
| Issuer: | EP MedSystems, Inc.
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| Issue: | Revolving credit facility, term loan
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| Amount: | $3 million
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| Warrants: | For 25,000 shares
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| Warrant strike price: | $2.50
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| Investor: | Keltic Financial Partners, LP
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| Settlement date: | Feb. 29
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| Stock symbol: | Nasdaq: EPMD
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| Stock price: | $1.49 at close Feb. 28
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|
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| Credit facility
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| Amount: | $1.5 million
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| Term: | Three years
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| Coupon: | Up to Prime rate plus 2%
|
|
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| Term loan
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| Amount: | $1.5 million
|
| Term: | Three years
|
| Coupon: | Up to Prime rate plus 2%
|
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