BDSX - Biodesix secures term loan facility for up to $50M
- Diagnostic solutions company Biodesix ( NASDAQ: BDSX ) has obtained a term loan facility for up to $50M from the healthcare investment firm Perceptive Advisors.
- Biodesix will receive an initial $30M funding, and an additional $20M will be available in two separate $10M tranches.
- The credit facility is interest only for the term of the facility, with the term to be five years from the initial funding date. The interest at a per annum rate will be equal to the greater of the forward looking one-month SOFR and 3% per annum, plus an applicable margin of 9%, payable monthly in arrears.
- The debt capital is subject to the company raising at least $30M in gross proceeds through the sale of its equity securities.
- The loan facility is part of a strategic fundraising effort to strengthen the company's balance sheet, reduce near term cash use and enable the continued growth trajectory of the core lung diagnostics business.
- The proceeds will be used to repay existing debt facilities, and for working capital and general corporate purposes.
- Source: Press Release
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Biodesix secures term loan facility for up to $50M