ALACHUA, Fla.–(BUSINESS WIRE)–RTI Biologics, Inc. (RTI) (Nasdaq:RTIX – News), the Florida-based processor of orthopedic, dental, surgical specialties and other biologic implants, announced today that it has signed new financing agreements with Mercantile Bank, a division of Carolina First Bank.
The new financing agreements consist of a $1.75 million term loan and a $10.0 million line of credit facility. The loans bear interest at LIBOR plus 2.5 to 3.25 percent and are secured by accounts receivable and inventory in the United States.
“We are pleased that our company is able to enter into this agreement with Mercantile Bank in this environment with favorable terms,” said Thomas F. Rose, RTI’s executive vice president and chief financial officer. “This financing agreement effectively replaces our prior line of credit, and it will serve to supplement our working capital.”