The Conversation (0)
CareDx (NASDAQ:CDNA), a molecular diagnostics company focused on the discovery, development and commercialization of clinically differentiated, high-value diagnostic solutions for transplant patients, today announced that it prepaid in full its outstanding debt on November 20, 2018. As quoted in the press release: The prepaid debt, a $15 million term loan from Perceptive Advisors, was obtained …
CareDx (NASDAQ:CDNA), a molecular diagnostics company focused on the discovery, development and commercialization of clinically differentiated, high-value diagnostic solutions for transplant patients, today announced that it prepaid in full its outstanding debt on November 20, 2018.
As quoted in the press release:
The prepaid debt, a $15 million term loan from Perceptive Advisors, was obtained on April 13, 2018, had an interest rate of 9.0% plus the greater of LIBOR or 1.5%, an interest-only period of three years, and a maturity date of April 2023. In addition to the $15 million debt prepayment, the company also paid Perceptive Advisors a prepayment premium and an exit fee. Cash and cash equivalents were approximately $62 million after the payments.
“Full repayment of the term loan represents another important milestone in the continual improvement of the company’s balance sheet,” commented Michael Bell, CareDx’s Chief Financial Officer. “Following the third quarter, where we reported both positive adjusted EBITDA and operating cash flow, and our recent successful equity financing, we are now in a strong financial position to continue to drive revenue growth and to further fortify our position as the leading provider of genomics-based information in transplantation.”