Orthofix lenders waive financial statement delivery until January 2015

By Marisa Wong

Madison, Wis., Oct. 6 – Orthofix International NV entered into a limited waiver on Sept. 30 under its credit agreement dated Aug. 30, 2010, according to an 8-K filing with the Securities and Exchange Commission.

Lenders under the credit agreement have waived requirements that Orthofix deliver quarterly financial statements for the fiscal quarters ended June 30 and Sept. 30, along with other related financial covenant certificates, until the earlier of Jan. 15, 2015 or the date that is one day after those financial statements are publicly filed or released.

The company previously obtained a limited waiver through Sept. 30, according to a prior company press release.

The latest waiver provides that the company’s restatement of financial statements will not constitute a default or event of default, provided that within one business day after the public release or filing of those restated financial statements, the company delivers corrected financial statements and compliance certificates for the restated periods and immediately pays any additional interest and other fees that would have been owed had applicable interest and fees originally been calculated based on the restated financial statements.

Orthofix is a Curaçao-based medical device company.

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