Bionano retires $20 million convertible debt, eliminates secured obligations

Bionano Genomics Inc. (NASDAQ: BNGO) announced it has fully retired and cancelled all outstanding Senior Secured Convertible Debentures worth $20 million in aggregate face value. The company used cash on hand to retire the debt instruments, which were originally issued in May 2024.

The retirement eliminates all of Bionano's secured debt obligations and releases liens on the company's assets. Associated restrictive covenants have been extinguished, according to the company's statement.

"Retiring this debt is a significant milestone for Bionano and a direct reflection of the progress we have made in strengthening and simplifying the business," said Al Luderer, chairman and interim chief executive officer. "This simplifies our financial profile considerably, removes the constraints that came with the secured debt, and allows us to focus our capital on what matters most."

The debt retirement completes a restructuring process the company began in May 2024. Bionano develops genome analysis solutions through optical genome mapping technology for research and clinical applications.

The company will file additional details regarding the debenture retirement in a Form 8-K with the Securities and Exchange Commission.

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