Bionano amends convertible debt deal, redeems $27.7M of notes, cuts liquidity covenant to $25M

Bionano Genomics, Inc.

Redeems entire $17M outstanding principal of Initial Private Placement Note at 115% for $19.55M; plus $1M increase to retirement fee.
Redeems $10.663M of Initial Registered Note at 115% for $12.26M; $24.337M principal remains outstanding.
Minimum liquidity covenant reduced from $50M to $25M; restricted cash requirement cut from $35M to $25M.
March 2024 partial redemption canceled; April payment delayed from April 1 to April 20, 2024.
Company gains immediate access to $30M in near-term liquidity, with up to $25M more as principal is retired.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bionano Genomics, Inc. entered into Letter Agreement with High Trail Special Situations LLC valued at total redemption payment of $19,550,000 (effective 2024-02-27).

Action: entry
Agreement: equity purchase
Counterparty: High Trail Special Situations LLC
Value: total redemption payment of $19,550,000
Effective: 2024-02-27

Exact text from the filing

On February 27, 2024, the Company entered into a letter agreement (the “Letter Agreement”) with the Purchaser to (i) redeem (a) the entire outstanding principal amount under the Initial Private Placement Note of $17,000,000 from the Purchaser at a redemption price of 115% for a total redemption payment of $19,550,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Bionano Genomics, Inc. entered into Amendment with High Trail Special Situations LLC (effective 2024-02-27).

Action: entry
Counterparty: High Trail Special Situations LLC
Effective: 2024-02-27

Exact text from the filing

Concurrent with the entry into the Letter Agreement, the Company and the Purchaser entered into an Amendment to Initial Registered Note (the “Amendment”), among other things, to (i) reduce the minimum liquidity covenant under the Initial Registered Note

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Bionano Genomics, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-24-009930

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