BIOLASE 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 secured a $6 million revolving line of credit from Bridge Bank, a division of Western Alliance Bank. Funds from the two-year accounts receivable line of credit will be used for working capital purposes.
BIOLASE amended the terms of its two revolvers with Comerica Bank. The amendment reverted the maximum borrowings under the domestic revolver to $4 million (in addition to up to another $4 million on the Ex-Im revolver).