EXTON, Pa., May 26, 2011 /PRNewswire/ — Kensey Nash Corporation
(Nasdaq:
KNSY) announced today that it has entered into a new $35
million unsecured revolving credit facility with Wells Fargo Bank,
National Association.
The new credit facility has a term of three years, maturing on
May 25, 2014, with the option to extend it up to two additional one
year periods upon meeting certain conditions. The credit facility
allows the Company to use borrowings for working capital purposes
and general corporate purposes including permitted acquisitions and
capital expenditures. Borrowings under the revolving credit
facility will, at the Company’s option, bear interest at a rate of
either London Inter Bank Offering Rate (“LIBOR”) plus an applicable
margin, or Prime Rate plus an applicable margin. Based on this
week’s 1-month LIBOR rate, borrowings on this facility would bear
interest in the range of 1.20% to 1.65%.
“The availability of this new credit facility provides us the
flexibility to be able to execute our growth plans at attractive
rates and enhances our liquidity position,” said Michael Celano,
CFO of Kensey Nash.
About Kensey Nash Corporation. Kensey Nash Corporation is
a medical device company primarily focused on regenerative medicine
utilizing its proprietary collagen and synthetic polymer
technology. The Company is recognized as a leader for
innovative product development and unique technology in the field
of resorbable biomaterials. The Company has an extensive
range of products, which are sold through strategic partners in
multiple medical markets, including the cardiology, orthopaedic,
sports medicine, spine, endovascular and general surgery
markets.
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