BIOLASE, a global provider of dental lasers, entered into an amendment to its senior secured term loan with SWK Funding. The amendment extends the interest-only period of the loan by two quarters to November 2023 and reduces the minimum consolidated unencumbered liquid assets from $7.5 million to $5.5 million. BIOLASE used a portion of the proceeds from its recent equity offering to prepay $1 million of the outstanding loan balance.
“The recent equity offering allowed us to prepay a portion of our senior secured term loan,” John Beaver, president and CEO of BIOLASE, said. “This prepayment and amendment will result in lower interest expense while also increasing the company’s liquidity.”
“Biolase continues to bring leading dental laser solutions to dentists and patients. SWK remains a supportive partner of the company and its mission,” Winston Black, CEO of SWK Holdings, said.
