Daily News: December 15, 2016

TD Bank, EDC Provide Revolver for Microbix

Microbix Biosystems arranged a new secured revolving credit facility jointly with TD Bank and Export Development Canada (EDC).

The new credit facility will be used for general corporate purposes, including the execution of the company’s overall growth strategy. Specific terms of the credit facility were not disclosed.

“This new credit facility provides Microbix with additional capital and financial flexibility needed to support the future growth of our molecular diagnostics controls business, under attractive, non-dilutive terms,” said Vaughn Embro-Pantalony, president and CEO of Microbix.

To accommodate the additional security required by TD Bank and EDC, the company negotiated amended terms with the two holders of its issued and outstanding convertible debentures, in exchange for reducing their security position to one of unlimited subordination to the credit facility lenders.

Ontario-based Microbix specializes in the research and development of biological solutions.