BELGRADE, Mont., April 01, 2019 (GLOBE NEWSWIRE) -- Xtant Medical Holdings, Inc. (NYSE American: XTNT), a global medical technology company focused on surgical solutions for the treatment of spinal disorders, today announced that it has executed the Second Amended and Restated Credit Agreement with affiliates of OrbiMed Advisors. The Second Amended and Restated Credit Agreement provides for up to an additional $10.0 million of borrowing availability via an incremental delayed draw term loan, extends the maturity date from July 31, 2020 to March 31, 2021, and extends the period during which no interest accrues until March 31, 2020, among other provisions. Xtant will issue warrants to the OrbiMed affiliates for the purchase of an aggregate of 1.2 million shares of Xtant common stock.

“We appreciate OrbiMed’s ongoing support as evidenced by their willingness to commit additional capital and modify the terms of our credit facility,” said Greg Jensen, Vice President, Finance and Interim CFO of Xtant Medical.

The Second Amended and Restated Credit Agreement provides for the following, as further described in the agreement:

• Incremental $10.0 million delayed draw term loan, which draws are subject to certain terms and conditions;
• Extension of the credit facility maturity date from July 31, 2020 to March 31, 2021;
• Extension of the period during which no interest accrues from December 31, 2018 until March 31, 2020;
• Elimination of the Minimum Consolidated EBITDA and Consolidated Senior Leverage Ratio Covenants; and
• Addition of a Minimum Revenue Covenant.

Xtant will issue warrants for 1.2 million shares of common stock with an exercise price of $0.01 per share and an expiration date of April 1, 2029. The warrants will be issued to OrbiMed Royalty Opportunities II, LP and ROS Acquisition Offshore LP who collectively own approximately 70% of Xtant’s outstanding common stock and are the sole holders of the Company’s outstanding long-term debt under the credit facility.

Additional details regarding the Second Amended and Restated Credit Agreement and the warrant issuance can be found in an Annual Report on Form 10-K to be filed by Xtant later today with the Securities and Exchange Commission (SEC), and by visiting the SEC’s website at http://www.sec.gov.

About Xtant Medical

Xtant Medical Holdings, Inc. (www.xtantmedical.com) is a global medical technology company focused on the design, development, and commercialization of a comprehensive portfolio of orthobiologics and spinal implant systems to facilitate spinal fusion in complex spine, deformity and degenerative procedures. Xtant people are dedicated and talented, operating with the highest integrity to serve our customers.

Important Cautions Regarding Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as ‘‘expects,’’ ‘‘anticipates,’’ ‘‘intends,’’ ‘‘plans,’’ ‘‘believes,’’ ‘‘estimates,’’ “continue,” “future,” ‘‘will,’’ “potential” similar expressions or the negative thereof, and the use of future dates. The Company cautions that its forward-looking statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the Company’s future operating results and financial performance; the ability to increase or maintain revenue; the ability to remain competitive; the ability to innovate and develop new products; the effect of recent management changes and the ability to engage and retain qualified personnel; government and third-party coverage and reimbursement for Company products; the ability to obtain and maintain regulatory approvals and comply with government regulations; the effect of product liability claims and other litigation to which the Company may be subject; the effect of product recalls and defects; timing and results of clinical studies; the ability to obtain and protect Company intellectual property and proprietary rights and operate without infringing the rights of others; the ability to service Company debt and comply with debt covenants; the ability to raise additional financing and other factors. Additional risk factors are contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the Securities and Exchange Commission (SEC) on April 2, 2018 and subsequent SEC filings by the Company, including without limitation its most recent Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 filed with the SEC on November 14, 2018 and its Annual Report on Form 10-K for the year ended December 31, 2018 anticipated to be filed with the SEC. Investors are encouraged to read the Company’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by law. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by this cautionary statement.

Investor Relations Contact
David Carey
Lazar Partners Ltd.
Ph: 212-867-1762
Email: dcarey@lazarpartners.com

Source: Xtant Medical, Inc.