NanoString to prepay term loan with proceeds from convertible notes

By Rebecca Melvin

New York, March 4 – NanoString Technologies Inc. is prepaying in full its senior term loan using proceeds from new convertible notes, according to a company release.

The prepayment amount of $89 million includes fees associated with termination of the facility.

Remaining proceeds from the convertibles are earmarked for general corporate purposes, including development and commercialization of its products and for working capital.

NanoString sold $175 million of the convertible notes due 2025, and there is an over-allotment option for up to an additional $26.25 million more of notes.

NanoString is a Seattle-based developer of products that unlock genomic information from small amounts of tissue.

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