MOUNTAIN VIEW, Calif., Aug. 26, 2011 (GLOBE NEWSWIRE) -- Conceptus, Inc. (Nasdaq:CPTS), developer of the Essure® procedure, the most effective non-surgical permanent birth control method available, today announced that it has entered into a new revolving line of credit arrangement with Wells Fargo Bank, N.A., providing the Company a working capital borrowing facility of up to $50 million. The revolving line of credit matures in five years, accrues interest at a rate of the one month LIBOR plus 2.75%, and is available for immediate drawdown, subject to certain financial covenants and other restrictions. This facility extends the Company’s existing commercial banking relationship with Wells Fargo Bank, N.A., which is the Company’s primary commercial bank.
