Aspect Medical Systems Inc. amended the terms of its credit agreement with Bank of America, reducing its revolving line from $5 million to $2 million and extending the due date for a year.
The Norwood-based brain-monitoring equipment maker said any funds borrowed from the credit line are due May 7, 2010, rather than May 8 of this year.
The move could be due to the influence of a pair of dissident board members the company appointed after narrowly avoiding a nasty proxy fight earlier this year.
Aspect appointed Jon Biro and Melvin Keating, both of First Biomed LLC, to its board of directors for three-year terms starting in June after First Biomed fired a shot across the company’s bow.
In a March 12 letter to Aspect CFO J. Neal Armstrong, the investment firm wrote that it was nominating three of its members for seats on the company’s board due to the need to “optimize the company’s capital structure and maximize stockholder value.”
First Biomed, which operates a series of investment vehicles under the “First Health Funds” umbrella, had been steadily buying shares of Aspect Medical Systems since June 2007 and owned a roughly 14 percent stake in the company as of April 9.
