Kewaunee Scientific gets $15 million revolver via Mid Cap Funding IV

By Wendy Van Sickle

Columbus, Ohio, Dec. 19 – Kewaunee Scientific Corp. entered on Dec. 19 into a credit and security agreement with Mid Cap Funding IV Trust as agent that provides for a secured revolving line of credit initially of up to $15 million, according to an 8-K filing with the Securities and Exchange Commission.

Availability is subject to a borrowing base on the basis of eligible accounts and inventory and certain other reserves and adjustments. The company may request that the maximum borrowing availability be increased in minimum amounts of $100,000, up to an overall borrowing availability limit of $30 million.

Borrowings bear interest at term SOFR plus 410 basis points.

Kewaunee must make monthly interest payments, with the entire principal payment due at maturity.

Prepayment fees will apply.

Based in Statesville, N.C., Kewaunee is a manufacturer of laboratory furniture.

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