Small Bone Innovations, Inc. (SBi), an orthopedics company focused on technologies and treatments for the small bones and joints, has closed on a $30m credit facility.
The facility was provided by Drawbridge Special Opportunities Fund, a fund managed by an affiliate of Fortress Investment Group, a global investment management firm headquartered in New York City.
The new capital is being used to accelerate the business expansion and to refinance existing indebtedness.
In details, the credit facility has allowed SBi to fully repay approximately $13m of its existing debt and will enable the company to fund the introduction in 2010 of new products and improved versions of existing products for both the upper and lower limb anatomies.
The funding will also support SBi in developing and initiating several studies to better support clinical understanding of its product portfolio.
In conjunction with the closing of this credit facility, Helmut D. Link and the investor group of Link America, Inc. made an equity investment in SBi.
The company, founded in 2004 by Viscogliosi Brothers, LLC, a New York-based merchant banking firm that specializes in the musculoskeletal/orthopedics sector, has facilities in New York, NY, Morrisville, PA, Bourg-en-Bresse, France, Donaueschingen, Germany, and Kuala Lumpur, Malaysia.