Orthofix lenders waive financial statement delivery until Feb. 28

By Marisa Wong

Madison, Wis., Jan. 16 – Orthofix International NV entered into a limited waiver on Jan. 15 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 agreed to further extend the previously granted limited waiver to Feb. 28.

In addition, the lenders agreed to reduce the size of the revolving loan commitment under the credit agreement to $100 million from $200 million through the facility’s maturity date on Aug. 30, 2015.

The previous waiver, dated Sept. 30, waived requirements that Orthofix deliver quarterly financial statements for the fiscal quarters ended June 30, 2014 and Sept. 30, along with other related financial covenant certificates, until the earlier of Jan. 15 or the date that is one day after those financial statements are publicly filed or released.

The Sept. 30 waiver also provided that the company’s restatement of financial statements would not constitute a default or event of default.

Before that, the company had obtained a limited waiver through Sept. 30.

As of Friday, the company has no amounts drawn under the credit agreement.

Orthofix is a Curacao-based medical device company.

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