FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

Comerica Bank Provides $7.5MM Credit Facility to Interpace Biosciences

Date: Oct 18, 2021 @ 07:09 AM
Filed Under: Biotechnology

Interpace Biosciences, along with its subsidiaries, entered into a new $7.5 million revolving credit facility with Comerica Bank. The facility matures on September 30, 2023 and allows for advances based on 80% of eligible accounts receivable plus an applicable non-formula amount consisting of $2,000,000 of additional availability at close, stepping down $250,000 per quarter beginning with the quarter ending June 30, 2022. The interest rate is equal to prime plus .50%, prime being the greater of the bank’s stated prime rate or the sum of the daily adjusting LIBOR rate, plus 2.5% per annum. The Bank will have a first priority security interest in substantially all of Interpace’s and its subsidiaries’ assets and will be senior to the existing $7.5 Million bridge loans made by the Company’s private equity investors.

Thomas Burnell, CEO of Interpace, commented: “We believe this new credit facility demonstrates confidence in our business growth strategy to deliver value to Interpace’s stockholders and will give us added flexibility to achieve our growth expectations to assist healthcare providers in the diagnosis, triage and treatment of patients. We are very pleased to work with Comerica and believe we are well positioned to continue to execute our strategic plans.” A spokesperson for Comerica added: “We are thrilled to announce our banking partnership with Interpace Biosciences. Interpace provides complex molecular analysis for the early diagnosis and treatment of cancer and we are proud to help support this incredibly important mission. Thank you to the entire Interpace team and we look forward to working together.”

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.