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credit facility

The company has used a portion of the new facility to pay back existing debt to the bank, as well as a final payment designated in the parties' earlier loan agreement.

The funding will be used in part for the ongoing commercialization of the company's EarlyCDT Lung test for lung cancer and the development of new tests.

The credit facility, available through Sept. 17, 2024, replaces a prior credit facility dated Aug. 11, 2016 for $1 billion.

About $770 million in net proceeds will go toward the repayment of outstanding debt under its senior unsecured revolving credit facility.

The firm replaced an existing $4 billion credit facility with a $5 billion one, and entered into a new $5 billion revolving credit facility. 

The agreement consists of a $100 million revolving credit facility, a $100 million initial term loan, and a $50 million delayed-draw term loan.

Proceeds from the loan facility will go toward the acquisition of Envigo's nonclinical research services business and other general corporate purposes.

The company drew $49 from the credit facility to repay an earlier outstanding loan and expects to draw another $27 million to, in part, pay for its acquisition of GenePOC.

The firm expects to offer nearly 5 million shares and also noted that this week it entered into an amended credit facility.

NanoString will initially draw $60 million at close, which will net it approximately $8 million after repaying its existing debt with the investment firm.

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