ArthroCare lenders terminate commitments to make additional loans

By Sara Rosenberg

New York, April 3 - ArthroCare Corp.'s lenders have terminated their commitments to make any additional loans under its credit facility as a result of the existence of certain events of defaults, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Under previous waivers, the company had agreed not to request draws from the credit facility so its does not expect liquidity to be affected by this event.

Bank of America is the administrative agent on the deal.

The company was notified of the banks' decision on April 1 and the termination of commitments was effective as March 31.

ArthroCare is an Austin, Texas-based designer, developer, manufacturer and marketer of medical devices for use in soft-tissue surgery.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.