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Medical device maker Orthofix International NV said Tuesday it has obtained a $300 million five-year credit facility.

The new facility provides the company with a lower interest rate, more flexible terms, additional borrowing capacity and available credit compared with its previous deal.

The facility includes a $200 million senior secured revolving line of credit and a $100 million senior secured term loan. It also has a $50 million expansion feature.

Orthofix plans to use the proceeds from the facility to pay off its prior facility, for capital expenditures and other general corporate purposes.

The company expects fourth-quarter earnings to increase by 5 cents per share from the new facility.

JPMorgan Chase Bank was the sole bookrunner and joint lead arranger with RBS Citizens.

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