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Carlsbad, CA - February 6, 2012 - SkinMedica, Inc., the fastest growing professional skin care company in the U.S., today announced it has successfully closed a refinancing of its existing credit facility with new lender Comerica Bank. The refinancing includes a $10 million term loan with a significantly lower interest rate and a new $5 million revolving line of credit.
“This refinancing with Comerica considerably reduces our effective interest rate, saving the company over $500,000 in 2012,” stated Steve Loomis, Senior Vice President and Chief Financial Officer of SkinMedica. “We continue to take measures to provide optionality and strengthen our financial position in order to grow and expand SkinMedica’s product offerings and execute our corporate goals, such as the recent acquisition of Colorescience.”
Investor Relations Contact:
Stern Investor Relations, Inc.
SkinMedica, Inc. is focused on developing, acquiring, and commercializing products that improve the appearance of skin. SkinMedica markets and sells to physicians, with a focus on aesthetics, both prescription and non-prescription skin care products. The company's full line of aesthetic skin care products includes the revolutionary TNS Essential Serum® and hallmark TNS Recovery Complex®. The formulations in SkinMedica’s clinical skin care collection enhance skin appearance, reduce signs of aging, and provide other skin care benefits. SkinMedica's primary prescription product, VANIQA® (eflornithine hydrochloride) Cream 13.9%, is the only FDA-approved prescription product for the reduction of unwanted facial hair in women. Colorescience Pro’s dermatologist recommended, high-performance cosmetics are formulated to remedy and camouflage specific skin concerns and protect skin from damaging effects of the sun and environment. Colorescience Pro’s luxury aesthetic makeup line is sold in the physician and medical spa channels.
TNS Recovery Complex®, VANIQA®, and SkinMedica®, are registered trademarks of SkinMedica, Inc and affiliates.