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HTG Molecular enters $30mm credit facility; gets $9mm up front

Executive Summary

HTG Molecular Diagnostics Inc. (next-generation sequencing-based molecular profiling) entered into a multi-facet $30mm senior debt facility with MidCap Financial. MidCap is providing the company with a $20mm five-year term loan, with $7mm available immediately and the remainder available until September 30, 2019. Both tranches bear interest at a floating rate of 7.25% per year plus the greater of 1.25% or one month LIBOR, and are due in full by March 1, 2023. MidCap is also providing a $10mm revolving line of credit, with $2mm available up front and the remainder available until March 1, 2023. The revolver bears interest at a floating rate of 4.25% per year, plus the greater of 1.25% or one month LIBOR. Proceeds from both transactions will be used to repay an existing senior credit facility and for working capital.
Deal Industry
  • In Vitro Diagnostics
    • Chemistry, Immunoassay
    • Molecular Diagnostics & Genetic Testing
  • Laboratory Testing Services
  • Research, Analytical Equipment & Supplies
    • PCR & Amplification Tools
Deal Status
  • Final
Deal Type
  • Financing
    • Nonconvertible Debt
    • Private Placement

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