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

On June 8, Cerus Corporation (NASDAQ:CERS) closed a caller indebtedness installation with MidCap Financial, providing up to $110 million. The steadfast combined a five-year word indebtedness with an asset-backed revolving loan. The institution said the refinancing volition chopped yearly currency involvement disbursal by up to $3.5 cardinal portion reducing its outstanding word indebtedness equilibrium by astir $30 million.The institution utilized archetypal proceeds and currency connected manus to discontinue its existing $65 cardinal word loan. It besides pulled an archetypal $35 cardinal tranche astatine closing and secured entree to an other $30 cardinal successful staged increments. A abstracted five-year revolving installation of up to $45 cardinal adds capableness and flexibility.

Chief Financial Officer Kevin Green said the refinancing "strengthens our fiscal foundation," and pointed retired extended maturities and little borrowing costs. The corp highlighted deferred amortization for 48 months, followed by a 12-month repayment period.Cerus Corporation (NASDAQ:CERS) is progressive successful the research, development, and manufacturing of biomedical and surgical products.

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