BG Medicine (BGMD) Enters $15M Secured Loan Facility
Tweet
Share
E-mailGet Alerts BGMD Hot Sheet
Join SI Premium – FREE
BG Medicine, Inc. (Nasdaq: BGMD), has entered into a $15.0 million secured loan facility with GE Capital, Healthcare Financial Services and Comerica Bank. An initial term loan in the aggregate principal amount of $10 million was funded to the company on February 10, 2012. Subject to BG Medicine's successful achievement of certain revenue milestones and other customary conditions, the company may draw an additional $5 million term loan on or before February 10, 2013.
The initial term loan accrues interest at a rate of 8% plus the higher of (a) the 3-month LIBOR (London Bank Inter-Bank Offer Rate) rate or (b) 1.25% per annum, and has a term of 42 months. Additionally, no principal repayment is due for the first twelve months of the term. In connection with funding of the $10 million initial term loan, BG Medicine issued warrants to purchase 36,657 shares of its common stock with an exercise price of $6.82 per share. If BG Medicine draws the additional $5 million term loan, it will be obligated to issue additional warrants to the lenders, consistent with the warrant formula applicable to the initial term loan.
The initial term loan accrues interest at a rate of 8% plus the higher of (a) the 3-month LIBOR (London Bank Inter-Bank Offer Rate) rate or (b) 1.25% per annum, and has a term of 42 months. Additionally, no principal repayment is due for the first twelve months of the term. In connection with funding of the $10 million initial term loan, BG Medicine issued warrants to purchase 36,657 shares of its common stock with an exercise price of $6.82 per share. If BG Medicine draws the additional $5 million term loan, it will be obligated to issue additional warrants to the lenders, consistent with the warrant formula applicable to the initial term loan.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Boeing names Ryan Shedd as new SVP and controller
- Hinge Health signs $86M office lease in San Francisco
- Lazard Global Total Return fund declares $0.1534 monthly distribution
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
