Globe Newswire08.27.19
Alphatec Holdings Inc., a provider of spine surgery solutions dedicated to revolutionizing the approach to spine surgery, has appointed Karen McGinnis to its Board of Directors. The company also announced that it made a drawdown of $10 million under its expanded secured financing facility with Squadron Medical Finance Solutions LLC.
In addition to being a general member of the board, McGinnis also joins the Compensation and Special Finance Committees of the board.
McGinnis has more than 20 years of experience in executive operational and finance roles at international public and private companies. She currently serves as the chief accounting officer of Illumina Inc., a developer of sequencing- and array-based solutions for genetic and genomic analysis. Prior to joining Illumina, McGinnis served as director, president and CEO of Mad Catz Interactive Inc., a global provider of interactive entertainment products. She also served as Mad Catz’ chief financial officer. Prior to joining Mad Catz, McGinnis served as chief accounting officer of Cymer Inc. until its acquisition in 2013. McGinnis is a Certified Public Accountant and earned her bachelor’s degree in accounting from the University of Oklahoma.
“I am thrilled to welcome Karen to the ATEC team,” said Pat Miles, chairman and CEO. “In addition to her finance and accounting expertise, Karen brings deep operational experience and skills that will help drive the refinement and execution of our growth strategies and initiatives. Her experience at multi-national entities also will prove valuable in the years to come as we develop and implement a strategy to expand into new and untapped global markets.”
In other business, Alphatec joined the Russell 2000 Index in late June and conducted a $10 million drawdown on its credit facility.
The annual reconstitution of the broad-market Russell 3000 Index captures 3,000 of the largest U.S. stocks, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 Index and the next 2,000 companies constitute the Russell 2000 Index. Membership in the Russell 2000® Index is effective until the Index’s next annual reconstitution.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell's U.S. indexes.
As previously announced, in March, Alphatec closed its expanded credit facility with Squadron for up to $30 million in additional secured financing. The company has drawn $10 million under this additional secured financing. The funds drawn down against the facility will be used for general corporate purposes. The additional borrowings under the credit facility will mature in parallel with the current secured financing from Squadron and bear interest at LIBOR plus 8 percent per annum, subject to a 10 percent floor and a 13 percent ceiling. Interest-only payments on drawn amounts are due monthly through May 2021, followed by principal payable in 29 equal monthly installments beginning June 2021 and a lump-sum payment at maturity in November 2023. To date, $20 million remains undrawn on the overall credit facility.
“The funds available to us through the total credit facility are an attractive form of capital that allow us to continue to aggressively and opportunistically pursue and execute on our growth strategy,” said Jeff Black, chief financial officer. “Squadron continues to be a key ATEC partner in these efforts.”
In connection with the drawdown, ATEC issued a warrant to Squadron and its affiliate to purchase up to 4.8 million shares of ATEC common stock at an exercise price of $2.17. The warrants have a seven-year term and are exercisable immediately.
Alphatec Holdings Inc., through its wholly-owned subsidiaries, Alphatec Spine Inc. and SafeOp Surgical Inc., is a medical device company that designs, develops, and markets technology for the treatment of spinal disorders associated with disease and degeneration, congenital deformities and trauma. ATEC’s mission is to revolutionize the approach to spine surgery. The company markets its products in the United States via independent sales agents and a direct sales force.
In addition to being a general member of the board, McGinnis also joins the Compensation and Special Finance Committees of the board.
McGinnis has more than 20 years of experience in executive operational and finance roles at international public and private companies. She currently serves as the chief accounting officer of Illumina Inc., a developer of sequencing- and array-based solutions for genetic and genomic analysis. Prior to joining Illumina, McGinnis served as director, president and CEO of Mad Catz Interactive Inc., a global provider of interactive entertainment products. She also served as Mad Catz’ chief financial officer. Prior to joining Mad Catz, McGinnis served as chief accounting officer of Cymer Inc. until its acquisition in 2013. McGinnis is a Certified Public Accountant and earned her bachelor’s degree in accounting from the University of Oklahoma.
“I am thrilled to welcome Karen to the ATEC team,” said Pat Miles, chairman and CEO. “In addition to her finance and accounting expertise, Karen brings deep operational experience and skills that will help drive the refinement and execution of our growth strategies and initiatives. Her experience at multi-national entities also will prove valuable in the years to come as we develop and implement a strategy to expand into new and untapped global markets.”
In other business, Alphatec joined the Russell 2000 Index in late June and conducted a $10 million drawdown on its credit facility.
The annual reconstitution of the broad-market Russell 3000 Index captures 3,000 of the largest U.S. stocks, ranking them by total market capitalization. The largest 1,000 companies in this ranking comprise the Russell 1000 Index and the next 2,000 companies constitute the Russell 2000 Index. Membership in the Russell 2000® Index is effective until the Index’s next annual reconstitution.
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $9 trillion in assets are benchmarked against Russell's U.S. indexes.
As previously announced, in March, Alphatec closed its expanded credit facility with Squadron for up to $30 million in additional secured financing. The company has drawn $10 million under this additional secured financing. The funds drawn down against the facility will be used for general corporate purposes. The additional borrowings under the credit facility will mature in parallel with the current secured financing from Squadron and bear interest at LIBOR plus 8 percent per annum, subject to a 10 percent floor and a 13 percent ceiling. Interest-only payments on drawn amounts are due monthly through May 2021, followed by principal payable in 29 equal monthly installments beginning June 2021 and a lump-sum payment at maturity in November 2023. To date, $20 million remains undrawn on the overall credit facility.
“The funds available to us through the total credit facility are an attractive form of capital that allow us to continue to aggressively and opportunistically pursue and execute on our growth strategy,” said Jeff Black, chief financial officer. “Squadron continues to be a key ATEC partner in these efforts.”
In connection with the drawdown, ATEC issued a warrant to Squadron and its affiliate to purchase up to 4.8 million shares of ATEC common stock at an exercise price of $2.17. The warrants have a seven-year term and are exercisable immediately.
Alphatec Holdings Inc., through its wholly-owned subsidiaries, Alphatec Spine Inc. and SafeOp Surgical Inc., is a medical device company that designs, develops, and markets technology for the treatment of spinal disorders associated with disease and degeneration, congenital deformities and trauma. ATEC’s mission is to revolutionize the approach to spine surgery. The company markets its products in the United States via independent sales agents and a direct sales force.