Outset Medical (Nasdaq: OM) today announced two senior secured credit facilities with investment affiliates managed by SLR Capital Partners.

Collectively, the facilities provide for up to $300 million in borrowing for the maker of the Tablo Hemodialysis System. The facilities include an up-to-$250-million term loan facility and an up-to-$50-million asset-based revolving credit facility.

Outset drew $100 million under the term loan facility at closing. It has another $100 million available to borrow under the credit facilities as of closing. With the new credit facilities from SLR, Outset retired its existing, cash-secured debt facility from Silicon Valley Bank.

“We are pleased to have entered into this non-dilutive debt financing with favorable terms, enabling us to further strengthen our balance sheet,” Outset Medical CEO Leslie Trigg said in a news release. “This agreement provides additional support and flexibility as we advance our mission to bring a technology-enabled, patient-centered approach to dialysis both in the acute and home settings.”

Outset Medical will report its Q3 earnings after the market closes on Nov. 8.

More competition for Outset Medical?

Outset Medical could face increased competition in the home dialysis space after the recent FDA clearance upgrading Fresenius’ Liberty Select cycler. Clearance enables remote therapy with Fresenius’ Kinexus therapy management platform. Fresenius plans to make the upgrades available to Liberty Select cyclers in the market to enable remote therapy management.

Officials at Fresenius say the clearance will enable them to elevate the home therapy experience for peritoneal dialysis (PD) patients and clinicians.