NeoGenomics Closes $150 Million Senior Credit Facility
NeoGenomics, Inc. (NEO)
Last neogenomics, inc. earnings: 4/28 07:00 am
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ir.neogenomics.com
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Source: PR Newswire
FT. MYERS, Fla., Dec. 22, 2016 /PRNewswire/ -- NeoGenomics, Inc. (NASDAQ: NEO) (the "Company") announced today that it has closed on a new five year, $150 million senior secured credit facility, which includes a $75 million revolving loan and a $75 million term loan. The new facility replaces the $54.6 million term loan and undrawn $25 million asset-based revolver previously in place. The Company borrowed $97.9 million at closing, including $75 million of term debt and $22.9 million under the revolver. The proceeds of this facility combined with approximately $16 million of cash were used to retire the existing $54.6 million term loan, redeem 8,066,667 shares of Series A Redeemable Preferred Stock held by an affiliate of General Electric Company for $55 million, and to pay certain fees and expenses. Amounts drawn under this new facility bear interest according to a pricing grid that is based on the ratio of debt to Adjusted EBITDA (as defined in the credit agreement), and is curr
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