HIN 0.00% $2.37 heartware international, inc

can someone explain this

  1. 4,131 Posts.
    Thoratec Loan Facility Update
    Framingham, MA and Sydney, Australia, January 4, 2010 On December 17, 2009,
    HeartWare delivered to Thoratec Corporation (Thoratec) a borrowing request in relation to the
    existing US$20 million credit facility which was available to HeartWare under the Loan
    Agreement (the Loan Agreement) with Thoratec, dated as of February 12, 2009. Pursuant to
    the borrowing request, HeartWare requested a draw down of US$16 million (the December
    2009 loan), noting that US$4 million had previously been drawn and repaid to Thoratec. In
    accordance with the Loan Agreement, this amount was delivered to HeartWare immediately
    prior to Christmas.
    On December 29, 2009, HeartWare repaid the December 2009 Loan in full, in accordance with
    the terms of the Loan Agreement. Following this repayment, all outstanding principal amounts
    of the loans to HeartWare (i.e. US$20 million), including any accrued and unpaid interest, as
    well as any amounts in the escrow account that may have been borrowed under the Loan
    Agreement have been borrowed and repaid in full. Pursuant to the terms of the Loan Agreement,
    amounts paid in respect of any loans may not be reborrowed by HeartWare. As a consequence
    of the repayment of the December 2009 Loan, any right of Thoratec to convert the loans to
    shares of HeartWare common stock have been extinguished.
    About HeartWare International - HeartWare International develops and manufactures
    miniaturized implantable heart pumps, or left ventricular assist devices, to treat Class IIIb and
    Class IV patients suffering from advanced heart failure. The HeartWare Ventricular Assist
    System features the HVAD pump, a small full-output circulatory support device (up to 10L/min
    flow) designed to be implanted next to the heart, avoiding the abdominal surgery generally
    required to implant competing devices. HeartWare has received CE Marking for the HeartWare
    Ventricular Assist System in the European Union. The device is currently the subject of a 150-
    patient clinical trial in the United States for a Bridge-to-Transplant indication.
    HeartWare International, Inc. is a member of the Russell 2000(R) and its securities are publicly
    traded on The NASDAQ Stock Market.
 
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