BioLife Solutions enters up to $40M term loan facility with Silicon Valley Bank

BIOLIFE SOLUTIONS INC

Term loans up to $40M total; $10M conditional on achieving revenue milestones by June 30, 2023.
Interest at greater of 5.75% or Prime plus 0.50% per annum; cap on rate increase of 1% above funding date rate.
Principal repaid in 24 equal monthly installments starting July 1, 2024 (extendable to July 1, 2025); maturity June 1, 2026 (extendable to 2027).
Prepayment penalty 2% in first year, 1% thereafter; final fee of 5.75% of aggregate principal.
Security interest on all assets except intellectual property; subsidiaries SAVSU, Arctic Solutions, SciSafe, Global Cooling, Sexton Biotechnologies are co-borrowers.

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