NanoString Technologies, a provider of life science tools for discovery and translational research, entered into a credit agreement with its existing lenders for a total of $47.5 million in new money term loans after filing for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware earlier this month. According to documents filed with the U.S. Bankruptcy Court for the District of Delaware, Wilmington Trust is the administrative and collateral agent for the agreement.
The financing consists of $12.5 million in new money term loans, which have already been approved for funding pursuant to the Feb. 5 interim order of the bankruptcy court approving the credit facility, and an additional $35 million in new money term loans to be funded upon entry of the final order of the bankruptcy court approving the credit facility, which is expected in late February. The total amount of $47.5 million to be provided represents an increase as compared to the initial $40 million commitment as announced on Feb. 5. The proceeds of this new financing will support the company through its restructuring process and will be used to support the continued and ordinary course operations of the company, including its product sales, product development and other business activities.
“We want to thank our noteholders for their strong support for NanoString. We are also grateful for our dedicated team and loyal customers as we navigate the restructuring process,” Brad Gray, president and CEO of NanoString, said. “With this financing, we will continue to conduct business as usual, our commercial team will continue to serve our customers and we will support the scientific community with the same great products and tools. We are concurrently exploring several strategic options, with the goal of assuring the long-term continuation of our mission on behalf of all NanoString stakeholders, including our customers and employees.”
