EXHIBIT 99.1
On October 1, 2020 (the Closing Date), Xtant Medical
Holdings, Inc. (the Company) exchanged shares of its
common stock (the Common Stock) for approximately
$40.8 million of the aggregate outstanding principal
amount of the loans (as defined in the Second Amended
and Restated Credit Agreement, dated as of March 29,
2019, by and among the Company, Bacterin International,
Inc., Xtant Medical, Inc., X-spine Systems, Inc., and
OrbiMed Royalty Opportunities II, LP (ORO II) and
ROS Acquisition Offshore LP (ROS Acquisition and
collectively with ORO II, the Lenders) (as amended,
restated and otherwise modified prior to the date
hereof, Second A&R Credit Agreement) outstanding under
the Second A&R Credit Agreement, as well as, without
duplication, approximately $21.1 million of the
outstanding amount of PIK Interest (as defined in the
Second A&R Credit Agreement) (such loans and PIK Interest,
the Exchanging Loans), plus all other accrued and unpaid
interest on the Exchanging Loans outstanding as of the
Closing Date, at an exchange price of $1.07 per share,
representing the average closing price of the Common
Stock over the 10 trading days immediately prior to the
parties entering into that certain Restructuring and
Exchange Agreement, dated as of August 7, 2020 (the
Restructuring Agreement), with the Lenders and resulting
in the issuance of an aggregate of 57,837,045 shares of
Common Stock to the Lenders. In addition, on the Closing
Date, the Company also entered into an amendment to the
Second A&R Credit Agreement and in connection therewith
the Company issued 917,349 shares of Common Stock to
ROS Acquisition in exchange for a portion of the
prepayment fee payable under the Second A&R Credit
Agreement in respect of the Exchanging Loans.
