WEST BERLIN, N.J.--(BUSINESS WIRE)--EP MedSystems, Inc. (NASDAQ: EPMD), today announced that it has completed funding on a $3 million secured loan facility with Keltic Financial Partners, LP, an asset-based lender. The loan arrangement includes a $1.5 million asset-based revolving credit agreement and a $1.5 million term loan, each with a three year term. The loan facility is secured by a first lien on all assets of the Company with interest rates up to Prime plus 2.0%. The Company also issued warrants to Keltic to purchase 25,000 shares of the Company’s Common Stock at $2.50 per share. The Company used proceeds from the facility to pay off its $2.0 million convertible debt.
