Cerus Corporation (CERS) Closes New Debt Facility of Up to $110M

Cerus Corporation (NASDAQ:CERS) is one of the 8 Best Genomics Stocks to Buy According to Analysts.

On June 8, Cerus Corporation (NASDAQ:CERS) closed a new debt facility with MidCap Financial, providing up to $110 million. The firm combined a five-year term loan with an asset-backed revolving loan. The company said the refinancing will cut annual cash interest expense by up to $3.5 million while reducing its outstanding term loan balance by about $30 million.

The company used initial proceeds and cash on hand to retire its existing $65 million term loan. It also pulled an initial $35 million tranche at closing and secured access to an extra $30 million in staged increments. A separate five-year revolving facility of up to $45 million adds capacity and flexibility.

Cerus Corporation (CERS) Closes New Debt Facility of Up to $110M

Chief Financial Officer Kevin Green said the refinancing “strengthens our financial foundation,” and pointed out extended maturities and lower borrowing costs. The corporation highlighted deferred amortization for 48 months, followed by a 12-month repayment period.

Cerus Corporation (NASDAQ:CERS) is involved in the research, development, and manufacturing of biomedical and surgical products.

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