NeoGenomics Laboratories obtains new $30 million term loan facility

By Sarah Lizee

Olympia, Wash., June 25 – NeoGenomics Laboratories, Inc. entered into a second amendment to its credit agreement with Regions Bank as administrative and collateral agent on Monday providing for a $30 million additional term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

The initial agreement provided for a $75 million revolving credit facility and a $75 million term loan facility.

The amendment also revised the mandatory prepayment clause related to excess cash flow to be calculated based on 75% of consolidated excess cash flow if the consolidated leverage ratio is greater than or equal to 3.25.

Borrowings bear interest at Libor plus a margin that ranges from 225 basis points to 400 bps, and the commitment fee ranges from 25 bps to 50 bps.

The company used proceeds from the new term loan, along with about $20.5 million of cash and borrowings under the revolver, to redeem 6,864,000 shares of series A preferred stock and to pay fees and expenses.

Based in Fort Myers, Fla., NeoGenomics is a cancer genetics diagnostics testing company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.