Nov 22 2013
Patient Safety Technologies, Inc. (OTCBB: PSTX, OTCQB: PSTX) today announced the closing of a $5 million senior secured term loan. At close, $4 million of the term loan was funded. The Company has the ability to draw an incremental $1 million under the term loan, subject to certain conditions. The five-year term loan matures in 2018 and bears interest at 13% per annum.
"Combined with our existing liquidity, the proceeds of this debt financing help better position the Company to fund the continued growth of our business and gives us added resources to manage our supply chain. The accommodating terms and longer term maturity of the loan provides us added financial flexibility at a lower cost of capital than our historical capital raises," stated Brian E. Stewart, President and Chief Executive Officer of Patient Safety Technologies, Inc.
Additional details regarding the Company's new loan agreement are set forth in its Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 22, 2013.
Source:
Patient Safety Technologies, Inc.