BioLife Solutions, Inc. Amends Existing Credit Facility
January 10, 2017 at 06:00 am
Share
BioLife Solutions Inc. announced that it has reached an agreement to extend the maturity date and repayment schedule of its outstanding $4 million credit facility. Pursuant to the amendment with WAVI Holding AG, the original maturity date of June 1, 2017 has been extended and a long-term repayment schedule has been agreed to. Beginning September 1, 2017 to June 1, 2018, the Company will make four quarterly cash interest only payments of $106,250. From September 1, 2018 through June 1, 2022, the Company will make quarterly cash principal payments of $265,625, in addition to ongoing interest payments. The interest rate on the credit facility remains fixed at 10% and no other consideration was provided to WAVI as part of the amendment.
BioLife Solutions, Inc. is a supplier of cell processing tools and services for the cell and gene therapy (CGT) and broader biopharma markets. Its expertise facilitates the commercialization of new therapies by supplying solutions that maintain the health and function of biologic materials during collection, development, storage and distribution. Its biopreservation media products, HypoThermosol FRS and CryoStor Freeze Media, are formulated to mitigate preservation-induced, delayed-onset cell damage and death which result when cells and tissues are subjected to reduced temperatures. Its bioproduction tools portfolio includes human platelet lysates for cell expansion. It is a provider of biological and pharmaceutical storage and cold chain logistics. Its monitoring systems allow customers real time tracking of the storage temperatures of their materials throughout the logistics process. It operates about five storage facilities in the United States and one facility in the Netherlands.
BIOLIFE SOLUTIONS, INC. 
