Stereotaxis gets increased credit commitment

Bank boosts credit commitment to Stereotaxis to as much as $30M from previous $25M

• On 10:46 am EDT, Wednesday October 7, 2009

ST. LOUIS (AP) -- Medical device maker Stereotaxis Inc. said Wednesday it has received a bank commitment to increase its available credit to $30 million.

The commitment came from Silicon Valley Bank of SVB Financial Group, which had previously allowed Stereotaxis to borrow as much as $25 million.

As with the current agreement, the revolving line of credit would include a sublimit of $10 million for advances guaranteed by two shareholders.

The credit would be extended for another year and matures March 31, 2011.

Stereotaxis also said it is in discussions with shareholder guarantors regarding final terms of a proposed extension to March 31, 2011, of their $10 million guaranty.

Shares of Stereotaxis rose 2 cents, to $4.28 in morning trading. SVB Financial Group shares slipped 23 cents to $42.29.