Codexis entered into a loan and security agreement with Western Alliance Bank for a revolving advance in a principal amount of up to $5 million, with accounts receivable borrowing base of 80% of eligible accounts.

Codexis did not draw from credit facility on closing date, and term loans may be funded at company’s request prior to June 30, 2018

According to a related 8-K filing, the company paid term loan fee of $50,000 to WAB and revolving loan facility fee of $17,500. The credit facility is secured by substantially all of the company’s personal property other than its intellectual property.

Any term loan under the credit facility will bear interest at a variable annual rate equal to the LIBOR rate plus 3.60%. Any revolving advance under the credit facility will bear interest at a variable annual rate equal to the greater of 1.00% above the prime rate and 5.00%.